Revenue Cycle-Handout ch10

Auditing and Assurance Services

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What are the stages of an audit? Accept Engag. & Establish Terms Plan Audit Issue Audit Report Perform Tests of Substantive Testwork Audit Wrap-up Understand Internal Controls Test Internal Controls Tests of Transactions Analytical Procedures Tests of Details of Balances
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How do you test the financial statements? Develop audit objectives that relate to each management  assertion Divide the audit into areas or cycles  Within each cycle, obtain assurance by testing a  combination of transactions and ending balances 
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Basic Business Cycles Sales and Cash Receipts Capital Acquisition & Financing
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(1) (2) What are management assertions/audit objectives for  each? (3) What are the critical  audit accounts and audit objectives  (management assertions) in this business cycle? (4)
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Revenue Cycle-Handout ch10 - Whatarethestagesofanaudit?...

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