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Technical

New Staff: Practical Application - Auditing Accounts Receivable Logo aicpa

  $89.00 - 109.00 |   CPE: 1.5 |   AICPA |   Jul 2019 |   Auditing |   AICPA Store
Who Will Benefit?
  • Recently onboarded staff
  • First-year staff
  • Firms that want consistent training and level setting
Key Topics
  • Relevant professional standards related to auditing accounts receivable
  • Audit objectives and assertions for accounts receivable
  • Risk assessment for accounts receivable
  • Application of guidance and an accounts receivable case study
Learning Objectives
  • Recall the audit objectives and related assertions in the accounts receivable area
  • Identify the steps for risk assessment and identify the common risks found in the accounts receivable area
  • Identify basic processes and controls over the accounts receivable area and identify weaknesses and possible solutions
  • Recall the common audit procedures surrounding accounts receivable and demonstrate mastery of those procedures through a commonly encountered audit situation

This CPE course can be purchased individually or as part of the Audit Staff Essentials – New Staff: Practical Application staff training bundle.

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.

However, with careful thought and an understanding of risk assessment, auditing accounts receivable can be an efficient and effective process.

This CPE course will provide the knowledge necessary for a new staff member to successfully audit accounts receivable.

Topics covered:
  • Assurance: Technical: Audit, Foundational

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