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GOOD MORNING/AFTERNOON

GOOD MORNING/AFTERNOON. AUDIT TEST DECISIONS. Audit Procedures Sample Size Items to Select from the Population Appropriate Time to Perform the Procedures. OVERVIEW OF AUDIT APPROACH. Financial Statements. Audit Cycles. Accounts/Transactions. Management Assertions. Audit Objectives.

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GOOD MORNING/AFTERNOON

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  1. GOOD MORNING/AFTERNOON

  2. AUDIT TEST DECISIONS • Audit Procedures • Sample Size • Items to Select from the Population • Appropriate Time to Perform the Procedures

  3. OVERVIEW OF AUDIT APPROACH Financial Statements Audit Cycles Accounts/Transactions Management Assertions Audit Objectives Audit Tests Audit Program

  4. AUDIT CYCLES • Sales and Collection (Revenue) • Acquisition and Payment (Expenditure) • Payroll and Personnel (Expenditure) • Inventory and Warehousing (Conversion) • Capital Acquisition and Repayment (Treasury) • Financial Reporting

  5. ACQUISITION AND PAYMENT CYCLE Beginning Accounts Payable + Acquisition Of Goods And Services - Cash Disbursements = Ending Accounts Payable

  6. ACCOUNTING INFORMATION SYSTEM Customer Order Sales Invoice Shipping Documents Sales Journal Customer Check Remittance Advice Deposit Slip Statement of Financial Position Cash Receipts Journal Purchase Requisition Purchase Order Receiving Report Vendor Invoice Voucher Cover Purchase Journal/ Voucher Register General Ledger/ Subsidiary Ledgers Statement of Income Check Remittance Advice Cash Disbursements Journal Statement of Cash Flows Time Cards Job Tickets Authorization Forms Payroll Checks Payroll Journal General Journal Debit/Credit Memos Other Support

  7. TYPES OF AUDIT PROCEDURES • Procedures to Obtain an Understanding (Not Audit Test) • Tests of Controls • Substantive Tests of Transactions • Tests of Details of Balances • Analytical Procedures

  8. SALES AND COLLECTION CYCLE Beginning Accounts Receivable + Sales - Cash Receipts = Ending Accounts Receivable

  9. CAPITAL ACQUISITION AND REPAYMENT CYCLE Beginning Common Stock + Issuance Of Common Stock - Retirement Of Common Stock = Ending Common Stock

  10. TYPES OF AUDIT TECHNIQUES (EVIDENCE) • Physical Examination • Confirmation • Documentation (Internal/external) • Reperformance • Observation • Inquiries • Analytical Procedures

  11. FACTORS AFFECTING COMPETENCE OF EVIDENCE • Independence of Provider • Effectiveness of Internal Control • Auditor's Direct Knowledge • Qualifications of Provider • Objectivity

  12. MANAGEMENT ASSERTIONS • Existence • Timing/Cutoff • Completeness • Timing/Cutoff • Valuation Or Allocation • Detail Tie-in • Posting and Summarization • Accuracy • Realizable Value • Rights and Obligations • Presentation and Disclosure • Classification • Disclosure

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