Audit ch11 slides

Audit ch11 slides - documents can be vouched, security...

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Chapter 11 Revenues, Receivables, and Receipts Process
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Revenue and Collection Process Start Here Customer Orders Bill Customers Collections Warehousing Shipping and Delivery Credit Granting
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Slide 3 Control Risk Assessment Testing controls helps determine nature, extent, and timing of substantive procedures. – Good controls – low control risk: • __________sample sizes, ________timing for substantive tests. – Poor controls – high control risk: • _________samples, _______work at year end.
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Slide 4 Of Special Concern: The Existence Assertion For accounts receivables and other assets, auditors place emphasis on existence and rights assertions. – Computation • Focus on assets that depend largely on calculations. – Inspection of Physical Assets • Inventories and assets can be examined, title
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Unformatted text preview: documents can be vouched, security documents can be inspected. Slide 5 Existence Assertion Confirmation Enquiry Slide 6 Existence Assertion Inspection of documents (vouching) Inspection of documents (scanning) Analysis Slide 7 Confirmations Confirmations Required? Date Positive/Negative Response Rate Follow-up procedures Assertions covered Ownership? Collectability? Slide 8 Audit of Bank Reconciliation Bank reconciliations are audited 100%: Bank balance is confirmed with bank. The reconciliation is recalculated and re-footed. Reconciling items are vouched 100% to supporting documentation. The auditor obtains cutoff bank statement directly from the clients bank....
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This note was uploaded on 12/18/2011 for the course BUSINESS 4754 taught by Professor Khan during the Fall '09 term at Ryerson.

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Audit ch11 slides - documents can be vouched, security...

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