Are you a staff accountant planning on performing an audit on accounts payable? 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/P audit, testing internal controls over A/P, conducting analytical procedures and performing substantive testing. 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 accounts payable.
Publication Date: January 2023
Topics Covered
- Audit Concepts
- Accounts Payable: Planning the Audit
- Sampling
- Accounts Payable: Conducting Field Work
Learning Objectives
- Identify the steps in an audit of accounts payable
- Identify audit procedures for auditing accounts payable
- Recognize what would be least likely to impair an auditor's independence
- 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
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.