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GOOD MORNING/AFTERNOON. AUDIT TEST DECISIONS. Audit Procedures Sample Size Items to Select from the Population Appropriate Time to Perform the Procedures. OVERVIEW OF AUDIT APPROACH. Financial Statements. Audit Cycles. Accounts/Transactions. Management Assertions. Audit Objectives.

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Presentation Transcript
audit test decisions
AUDIT TEST DECISIONS
  • Audit Procedures
  • Sample Size
  • Items to Select from the Population
  • Appropriate Time to Perform the Procedures
overview of audit approach
OVERVIEW OF AUDIT APPROACH

Financial Statements

Audit Cycles

Accounts/Transactions

Management Assertions

Audit Objectives

Audit Tests

Audit Program

audit cycles
AUDIT CYCLES
  • Sales and Collection (Revenue)
  • Acquisition and Payment (Expenditure)
  • Payroll and Personnel (Expenditure)
  • Inventory and Warehousing (Conversion)
  • Capital Acquisition and Repayment (Treasury)
  • Financial Reporting
acquisition and payment cycle
ACQUISITION AND PAYMENT CYCLE

Beginning

Accounts Payable

+

Acquisition Of

Goods And Services

-

Cash Disbursements

=

Ending

Accounts Payable

accounting information system
ACCOUNTING INFORMATION SYSTEM

Customer Order

Sales Invoice

Shipping Documents

Sales Journal

Customer Check

Remittance Advice

Deposit Slip

Statement of Financial Position

Cash Receipts Journal

Purchase Requisition

Purchase Order

Receiving Report

Vendor Invoice

Voucher Cover

Purchase Journal/

Voucher Register

General Ledger/

Subsidiary Ledgers

Statement of Income

Check

Remittance Advice

Cash Disbursements Journal

Statement of Cash Flows

Time Cards

Job Tickets

Authorization Forms

Payroll Checks

Payroll Journal

General Journal

Debit/Credit Memos

Other Support

types of audit procedures
TYPES OF AUDIT PROCEDURES
  • Procedures to Obtain an Understanding (Not Audit Test)
  • Tests of Controls
  • Substantive Tests of Transactions
  • Tests of Details of Balances
  • Analytical Procedures
sales and collection cycle
SALES AND COLLECTION CYCLE

Beginning

Accounts Receivable

+

Sales

-

Cash Receipts

=

Ending

Accounts Receivable

capital acquisition and repayment cycle
CAPITAL ACQUISITION AND REPAYMENT CYCLE

Beginning

Common Stock

+

Issuance Of

Common Stock

-

Retirement Of

Common Stock

=

Ending

Common Stock

types of audit techniques evidence
TYPES OF AUDIT TECHNIQUES (EVIDENCE)
  • Physical Examination
  • Confirmation
  • Documentation (Internal/external)
  • Reperformance
  • Observation
  • Inquiries
  • Analytical Procedures
factors affecting competence of evidence
FACTORS AFFECTING COMPETENCE OF EVIDENCE
  • Independence of Provider
  • Effectiveness of Internal Control
  • Auditor's Direct Knowledge
  • Qualifications of Provider
  • Objectivity
management assertions
MANAGEMENT ASSERTIONS
  • Existence
    • Timing/Cutoff
  • Completeness
    • Timing/Cutoff
  • Valuation Or Allocation
    • Detail Tie-in
    • Posting and Summarization
    • Accuracy
    • Realizable Value
  • Rights and Obligations
  • Presentation and Disclosure
    • Classification
    • Disclosure