ACT 4497 Lecture ch14

ACT 4497 Lecture ch14 - AssuranceServicesandtheIntegrityof...

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Modern Auditing: Modern Auditing: Assurance Services and the Integrity of  Assurance Services and the Integrity of  Financial Reporting, 8 Financial Reporting, 8 th th  Edition  Edition William C. Boynton William C. Boynton California Polytechnic State University  California Polytechnic State University  at San Luis Obispo at San Luis Obispo Raymond N. Johnson Raymond N. Johnson Portland State University Portland State University Chapter 14 – Auditing the Revenue Cycle
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Chapter Overview Chapter Overview
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The Revenue Cycle The Revenue Cycle
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Develop Audit Objectives Develop Audit Objectives
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Inherent Risk, Including the Risk of  Inherent Risk, Including the Risk of  Fraud Fraud Management Misstatement of Revenue Overstate revenues Overstate cash and gross receivables Understate allowance for doubtful accounts Other Misstatement Factors Opportunities for error Timing Misclassification Adjustment transactions
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Analytical Procedures Analytical Procedures
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Consideration of Internal Control  Consideration of Internal Control  Components Components Control Environment Risk Assessment Information and Communication Monitoring Initial Assessments of Control Risk
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Study Break Study Break 1. The revenue cycle includes all of the  following transactions, except: A. Credit Sales B. Cash Receipt C. Inventory Purchase D. Sales Returns and Allowances C.  Inventory Purchase  
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Study Break Study Break 1. This internal control component should provide  management with feedback  as to whether  internal controls pertaining to revenue cycle  transactions and balances are operating as 
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This note was uploaded on 02/07/2011 for the course ACT 4497 taught by Professor Lewis during the Spring '11 term at Troy.

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ACT 4497 Lecture ch14 - AssuranceServicesandtheIntegrityof...

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