Chap010 - Chapter 10 - Auditing the Revenue Process Chapter...

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Chapter 10 - Auditing the Revenue Process Chapter 10 Auditing the Revenue Process Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments ACL Problems/ EarthWear Mini-Cases (EWMC) LO 1: Understand why knowledge of an entity’s revenue recognition policies is important to the audit. 1 24 31 34 LO 2: Understand the revenue process. 12,13, 14, 15,16 25 33 LO 3: Know the types of transactions in the revenue process and the financial statement accounts affected. 33 LO 4: Be familiar with the types of documents and records used in the revenue process. 33 LO 5: Understand the functions in the revenue process. 2,3 25 LO 6: Know the appropriate segregation of duties for the revenue process. 3 12,14 25 ACL LO 7: Understand the inherent risks relevant to the revenue process and related accounts. 4 LO 8: Know how to assess control risk for a revenue process. 5 13 LO 9: Know the key internal controls and develop relevant tests of controls for revenue, cash receipts, and sales returns transactions. 6 13,14,15, 16 25 LO 10: Relate the assessment of control risk to substantive testing. 17,18 LO 11: Know the substantive analytical procedures used to audit accounts receivable and revenue- related accounts. 7 26 LO 12: Know the substantive tests of transactions used to audit accounts receivable and revenue-related accounts. 26 EWMC LO 13: Know the tests of details of account balances and disclosures used to audit accounts receivable and revenue-related accounts. 8 19,20,21, 22,23 26,27,28, 29,30 LO 14: Understand the confirmation process and how confirmations are used to obtain evidence about accounts receivable. 9,10 20,21,22 27,28,29 EWMC LO 15: Understand how to audit other types of receivables. 11 32 LO 16: Understand how to evaluate the audit findings and reach a final conclusion on accounts receivable and revenue-related accounts. 23 26,28, 29,30 32 10-1
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Chapter 10 - Auditing the Revenue Process END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 10-1 Revised 10-1 10-2 Unchanged 10-2 10-3 Unchanged 10-3 10-4 Unchanged 10-4 10-5 Unchanged 10-5 10-6 Unchanged 10-6 10-7 Unchanged 10-7 10-8 Unchanged 10-8 10-9 Unchanged 10-9 10-10 Unchanged 10-10 10-11 Unchanged 10-11 10-12 Unchanged 10-12 Removed 10-13 Removed 10-14 10-13 Unchanged 10-15 10-14 Unchanged 10-16 10-15 Unchanged 10-17 10-16 Unchanged 10-18 10-17 New 10-18 New 10-19 Unchanged 10-19 10-20 Unchanged 10-20 10-21 Unchanged 10-21 10-22 Unchanged 10-22 10-23 Unchanged 10-23 10-24 Unchanged 10-24 10-25 Unchanged 10-25 10-26 Unchanged 10-26 10-27 Unchanged 10-27 10-28 Revised 10-28 10-29 Unchanged 10-29 10-30 Revised 10-30 10-31 Unchanged 10-31 10-32 Unchanged 10-32 10-33 Unchanged 10-33 10-34 Unchanged 10-34 10-2
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Chapter 10 - Auditing the Revenue Process Chapter 10 re-introduces the concept of viewing businesses from a process perspective or transaction cycles. This is important to auditors as auditing divides the financial statement
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Chap010 - Chapter 10 - Auditing the Revenue Process Chapter...

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