Basic Staff Training: Auditing Accounts Receivable

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs

Are you staff accountant planning on performing an audit on accounts receivable (A/R)? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review steps for planning an A/R audit, testing internal controls over A/R, conducting analytical procedures and performing substantive testing.

From an audit procedure standpoint this session will also focus on the techniques and documentation needs that a staff accountant needs to know. In addition, the session will offer practical advice to the staff accountant on conducting an audit of accounts receivable.

Publication Date: September 2019

Topics Covered

  • Accounts Receivable: Planning the Audit
  • Sampling
  • Accounts Receivable: Conducting Field Work
  • Performing substantive testing

Learning Objectives

  • Identify the steps in an audit of accounts receivable
  • Identify audit procedures for auditing accounts receivable
  • Recognize what would be least likely impair an auditor's independence
  • Describe what you should do, while testing travel expenses you noticed the CEO was inflating her expense reports with altered receipts
  • Recognize what starts with the transaction record and verifies there is a corresponding source document
  • Identify what an auditor would expect when applying Benford's Law
  • Describe substantive test
  • Recognize common workpapers for an external audit of accounts payable
  • Identify the materiality threshold for fraud
  • Describe which type of sampling gives all items an equal chance of being selected
  • Identify the correct formula for the audit risk model
  • Recognize what would be part of an audit trail review
  • Describe red flags for accounts payable fraud
  • Identify how an auditor would normally test for cashed checks
  • Recognize how the effectiveness of internal controls are evaluated
  • Identify examples of calculating the accounts payable turnover ratio


Instructional Method

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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