Accounts receivable tends to carry higher risk of material misstatement due to the complexity and subjectivity involved with recognition, measure, and valuation. In addition, revenue recognition is presumed to be a significant fraud risk. This module will discuss the risks associated with accounts receivable and the allowance for doubtful accounts as well as techniques for auditing those areas.
DESIGNED FOR
Accountants with responsibilities for auditing accounts receivable
BENEFITS
Risks of material misstatement associated with auditing accounts receivable
Internal controls associated with accounts receivable
Substantive procedures used in auditing accounts receivable
External confirmation audit considerations, including evaluating responses for propriety
Evaluating the valuation of accounts receivable
The AICPA’s new SAS on auditing estimatesHIGHLIGHTS
- Identify audit risks and special audit considerations
- Tailor a detailed audit plan for accounts receivable based on the assessed risk
- Evaluate confirmation responses and identify areas for follow-up
- Evaluate and conclude on the valuation for the allowance for doubtful accounts
COURSE LEVEL
Basic
PREREQUISITES
None