Audit 107: Auditing Cash - Applying Basic Audit Skills
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
Auditing Cash - Applying Basic Skills to the Starting Point of Any Audit demonstrates how the approach to auditing different cash accounts may vary and how to strengthen inquiry which is an important audit procedure in this area. Cash tends to be one of the first areas assigned to new auditors, as there is typically little complexity and subjectivity involved. In addition, persuasive audit evidence from a third-party is generally available. However, research shows that around 80% of asset misappropriation relates to cash. Therefore, the audit of accounts and classes of disclosures related to cash and cash equivalents does tend to carry some level of risk of material misstatement. Note: This course is recommended as a part of a 16-hour audit skills curriculum for beginning auditors, while it is also appropriate for anyone who has responsibilities for auditing cash and cash equivalents. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics covered in this course include:
- Typical audit risks and special considerations related to cash and cash equivalents
- Designing a detailed audit plan, linking assessed risk to planned procedures
- Performing typical audit procedures associated with auditing cash and cash equivalents
- Case study related to auditing cash and cash equivalents, including identifying and evaluating a misappropriation of cash
- Identifying how to obtain evidence through inquiry of the client
Prerequisites
None
Designed For
Professionals requiring fundamental guidance in how to design and perform a detailed audit plan for a less-complex audit area
Objectives
Upon completion of this course, you will be able to...
- Identify designing and performing standard audit procedures related to cash and cash equivalents
- Recognize typical presentation and disclosure issues related to cash
- Recall how to evaluate audit evidence associated with this typically starting audit area, including evidence obtained through inquiry
Preparation
None
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $109
Member Price $89