Transcription of Auditing Revenue and Related Accounts
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Auditing Revenue and Related Accounts
Thomson Learning 10 CHAPTERA uditing Revenue and Related AccountsThe overriding objective of this textbook is to build a foundation to analyze cur-rent professional issues and adapt audit approaches to business and economiccomplexities. Through studying this chapter, you will be able to:1 Explain the concept of accounting cycles and their impact on audit approaches, and identifythe Accounts in the Revenue the importance of proper Revenue recognition and the characteristics of Revenue - Related the major types of fraud and misstatements that have occurred in the Revenue how to use analytical procedures to identify possible misstatements in the inherent and control risk regarding Revenue cycle audit procedures to test the effectiveness of controls in the Revenue the auditor s control risk assessment to the development of substantive tests of accountsin the Revenue the factors that influence the effectiveness and efficiency of audits of account Auditing concepts to test Auditing concepts to test Accounts fraud indicators in the Revenue cycle and Related audit the adequacy of a client s allowance for doubtful chapter illustrates the audit concepts developed in Chapters 4 through 9 by applying them tothe Accounts in the Revenue cycle.
ing that all transactions are properly authorized and completely recorded.These control procedures include the use of prenumbered sales orders,documentation of authorization, formal approval for credit, a description of part number, sales price, and shipping terms of …
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