Lecture Notes Ch. 18 & 19 (ACCT-422)

Lecture Notes Ch. 18 & 19 (ACCT-422) - Chapters 18...

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Chapters 18 - 19 Audit of the Acquisition and Payment Cycle Last week, we covered the Sales and Collection cycle. This week we cover the Acquisition and Payment cycle. Chapters 18 – 19 cover this cycle in much the same way that the Sales and Collection cycle was covered in Chapters 14 and 16. As with the Sales and Collection cycle, a good understanding of the operations of the Acquisition and Payment cycle is necessary for conducting an effective and efficient audit. You should be familiar with the functions of the cycle, the accounts (both income statement and balance sheet) that are affected by the cycle, the documents and accounting records that make up the cycle’s audit trails, the key control activities for the cycle, and the transaction-related and balance-related audit objectives associated with the cycle. Finally, you should be able to develop audit procedures to test the effectiveness of the client’s internal controls (tests of controls), and whether the audit objectives have been met (tests of transactions and tests of details of balances).
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