About this Course
Other areas of this curriculum have established an understanding of risk assessment, internal controls, audit evidence, fraud, and many of the other concepts of GAAP. It is now time to begin to use these concepts in practical application. For this and other modules, you will apply these concepts using a hands-on approach. Starting with cash, you will progress through the major balance sheet accounts and gain an understanding of the risks that are typically present and the client controls you will likely encounter to mitigate those risks in order to establish your risk of material misstatement (RMM).
- Recall the audit objectives and related assertions in the cash and cash equivalents area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the cash and cash equivalents area
- Identify basic controls over the cash process and identify weaknesses and possible solutions
- Recall the common audit procedures surrounding cash and cash equivalents and demonstrate mastery through a commonly encountered audit situation