Staff Audit Concepts: Accounts Payable, Expenditures, & Related Fraud Risks (Completed)

Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This session is an audit concepts session that takes the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

From an audit procedure standpoint this session will also focus on the techniques and documentation needs that staff accountants need to know. In addition the session will offer practical advice to the senior accountant overseeing the audit on appropriate supervision and review techniques.

This session will prepare help the staff auditor know what to do and why. In addition, it will also help the senior accountant be better prepared to know how to plan the audit procedures as well as review the work of the staff in this important audit area.

Topics Covered

• Key considerations in risk assessment
• Internal control and the audit plan for this audit area
• Considerations will be linked to that audit assertions and specific audit procedures

Learning Objectives

• Identify risk assessment concepts related to Accounts Payable and expenditure testing
• Recognize typical key controls related to the audit assertions for accounts payable and expenditures
• Differnetiate audit Assertions linked to related audit procedures
• Recognize analytical review as a substantive procedure for expenditures
• Identify typical fraud schemes related to unauthorized expenditures and how to test them
• Describe efficient approaches for conducting the search for unrecorded liabilities
• Recognize and apply appropriate documentation of work performed

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None