Advanced Application of the Audit Process

General

Program Description

Course Outline

Application of the Audit Process to the Sales and Collection Cycle:

  • Tests of controls and substantive tests of transactions
  • Audit sampling for tests of controls and substantive tests of transactions
  • Completing the tests in the sales and collection cycle: accounts receivable
  • Audit sampling for tests of details of balances

Application of the Audit Process to other Cycles:

  • Audit of the acquisition and payment cycle: tests of controls, substantive tests of transactions, and accounts payable
  • Completing the tests in the acquisition and payment cycle: verification of selected accounts
  • Audit of the payroll and personnel cycle
  • Audit of the inventory and warehousing cycle
  • Audit of the capital acquisition and repayment cycle
  • Audit of cash and financial instruments

Target audience

  • Internal auditors and government auditors.
  • Employees of certified public accounting (CPA) firms.
  • Those interested in up-to-date coverage of globally recognised auditing concepts with practical examples of the implementation of those concepts in real-world settings.
  • Those interested in the most important internationally recognised concepts of auditing to aid their audit decision making and evidence accumulation in today’s complex, global auditing environment.

Learning outcomes

Upon completion of this course, you will be able to understand:

  • The methodology for designing tests of controls and substantive tests of transactions audit procedures for sales, cash receipts, and the other classes of transactions in the sales and collection cycle.
  • Non-statistical and statistical sampling methods for tests of controls and substantive tests of transactions.
  • The methodology for designing audit procedures for the audit of accounts receivable and other balances in the sales and collection cycle.
  • Audit sampling for tests of details of balances.
  • The audit of the acquisition and payment cycle, including the audit of accounts payable and other liability accounts.
  • The audit of the payroll and personnel cycle.
  • The audit of the inventory and warehousing cycle, including physical observation tests and the relationship of the inventory and warehousing cycle to other cycles.
  • The audit of the capital acquisition and repayment cycle.
  • The audit of cash and investment balances.
Last updated Mar 2020

About the School

London Business Training & Consulting (LBTC) is the UK’s premier business and management training and consulting service provider. We cater to both individual and organisational clients from all o ... Read More

London Business Training & Consulting (LBTC) is the UK’s premier business and management training and consulting service provider. We cater to both individual and organisational clients from all over the world. Read less