About this Course
Typically, one of the larger balance sheet accounts, accounts receivable and its related contra account allowance for doubtful accounts, is an area often assigned to new staff. In many engagements, accounts receivable is considered a high risk account because it is associated with sales. Revenue recognition is generally recognized as a problematic area. Many times the allowance for doubtful accounts is difficult to audit because it is very subjective in nature and relies primarily on management estimates.This module will focus on accounts receivable and your role in auditing this line item.
- Recall the audit objectives and related assertions in the accounts receivable area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the accounts receivable area
- Identify basic controls over the accounts receivable process and identify weaknesses and possible solutions
- Recall the common audit procedures surrounding accounts receivable anddemonstrate mastery through a commonly encountered audit situation
