Are you a staff accountant planning on performing an audit of cash receipts? 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 a cash receipts audit, testing internal controls over cash receipts, conducting analytical procedures and performing substantive testing. We will review important internal controls over cash transactions and discuss the risk of money laundering in an organization.
From an audit procedure standpoint this course will also focus on the techniques and documentation needs that a staff accountant needs to know. In addition, the course will offer practical advice to the staff accountant on conducting an audit of cash receipts.
Publication Date: January 2023
Topics Covered
- Cash Receipts: Planning the Audit
- Sampling
- Auditing Cash Receipts: Conducting Field Work
- Auditing Internal Controls for Cash Receipts
- Red Flags for Money Laundering
Learning Objectives
- Identify audit procedures for auditing cash receipts
- Recognize what would be least likely to impair an auditor's independence
- Recognize what starts with the transaction record and verifies there is a corresponding source document
- Describe what an auditor would expect when applying Benford's Law
- Recognize what would be considered a substantive test
- Identify what wouldn't be a common workpaper for an external audit of accounts receivable
- Identify the materiality threshold for fraud
- Recognize what is used to report cash transactions in excess of $10,000 to the IRS
- Differentiate which type of sampling gives all items an equal chance of being selected
- Identify the correct formula for the audit risk model
- Describe a substantive procedure
- Recognize what wouldn't be part of an audit trail review
- Identify what is not a step in laundering money
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.