sales and collection cycle. CAS 240 Design tests of controls sales and collection cycle by CAS 505 assertion. Design substantive tests (analytical procedures and tests of detail) for sales and collection, by assertion, using a risk-based approach. Session 9 cont’d Develop the process for confirming accounts receivable confirmations and for following up Break (no class) Thursday, July 23 Assignment and Class Work Session 10 Application of the Audit Process: The Acquisition and Payment Cycle; the Inventory and Distribution Cycle Discussion/practice question: Thursday, July 30 16-21, 16-24, 16-25, 17-20 Inventory Cases Posted to Course Website Learning Objectives: Describe major risks of error or fraud in the REQUIRED READING: acquisition and payment cycle. Chapter 16 - Audit of the Acquisition and Payment Describe the major business functions, documents, Cycle records and internal controls in the acquisition and Chapter 17 Audit of the Inventory and – payment cycle. Distribution Cycle Understand and analyze acquisition and payment controls and provide recommendations (for CPA Handbook: management letter) CAS 550 Develop analytical procedures for planning for the CAS 501 acquisition and payment cycle. Develop tests of controls for the acquisition and payment cycle, by assertion, using a risk-based approach. Develop an audit program, by assertion, for a system conversion in accounts payable.
Session 9 cont’d sales and collection cycle. Design tests of controls sales and collection cycle by assertion. Design substantive tests (analytical procedures and tests of detail) for sales and collection, by assertion, using a risk-based approach. Develop the process for confirming accounts receivable confirmations and for following up CAS 240 CAS 505 Break (no class) Thursday, July 23 Session 10 Thursday, July 30 Application of the Audit Process: The Acquisition and Payment Cycle; the Inventory and Distribution Cycle Learning Objectives: Describe major risks of error or fraud in the acquisition and payment cycle. Describe the major business functions, documents, records and internal controls in the acquisition and payment cycle. Understand and analyze acquisition and payment controls and provide recommendations (for management letter) Develop analytical procedures for planning for the acquisition and payment cycle. Develop tests of controls for the acquisition and payment cycle, by assertion, using a risk-based approach. Develop an audit program, by assertion, for a system conversion in accounts payable. Assignment and Class Work Discussion/practice question: 16-21, 16-24, 16-25, 17-20 Inventory Cases Posted to Course Website REQUIRED READING: Chapter 16 - Audit of the Acquisition and Payment Cycle Chapter 17 – Audit of the Inventory and Distribution Cycle CPA Handbook: CAS 550 CAS 501
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