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Auditing Cash and Cash Equivalents (Audit Skills Training: Level 1) (A1M8)

  • Format Self-Study Webcasts
  • Credits 3
  • Level Basic
  • Field of Study Auditing (3)

$54.00


Overview

Cash tends to be one of the first areas assigned to new auditors, as there is typically little complexity and subjectivity involved. In addition, persuasive audit evidence from a third-party is generally available. However, research shows that around 80% of asset misappropriation relates to cash. Therefore, the audit of accounts and classes of disclosures related to cash and cash equivalents does tend to carry risk of material misstatement.

Major Topics:

  • Explain typical audit risks and special considerations related to cash and cash equivalents
  • Describe designing a detailed audit plan, linking assessed risk to planned procedures
  • Perform typical audit procedures associated with auditing cash and cash equivalents
  • Discuss how to obtain evidence through inquiry of the client

Learning Objectives

  • Standard audit procedures related to cash and cash equivalents
  • Case study related to auditing cash and cash equivalents, including identifying and evaluating a misappropriation of cash
  • Typical presentation and disclosure issues related to cash
  • Exercise related to do’s and don’ts in client interview situations
  • Key controls related to cash receipts and cash disbursements

Who should take this course:

Professionals new to auditing cash and cash equivalents

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