Lessons
- Introduction to Auditing
- Players in the Audit Industry
- Generally Accepted Auditing Standards (GAAS) - Overview
- Auditing Ethics and Rules of Professional Conduct
- Understanding the Independent Auditors' Report
- Auditor's Report with Reservations
- The Auditing Process
- Auditing: Management Assertions
- The Audit Evidence
- Audit Risk Models
- Auditing: Assessing Inherent Risk
- Auditing: The Concept of Materiality
- Auditing: Client Risk Profile
- How Auditors Document Their Work?
- Internal Controls in a Company
- COSO - Integrated Internal Control Framework
- Assessing Control Risk
- Testing Internal Controls
- Auditing Issues in Small Businesses
- Auditing Planning Approach
- Audit Programs
- Auditing the Sales Cycle
- Substantive Audit Procedures
Auditing the Sales Cycle
In this video, we are going to get our hands a little bit dirty and look at a transactional cycle and walk through how we would audit it. The video exposes you to how a transactional cycle actually works, and then discuss some of the audit procedures we would use to nail down our assessment of control risk.
For this video, we are going to use the sales cycle, which is typically comprised of the following accounts:
Sales, returns, bad debt and allowances, receivables, cash receipts, and commodity tax collection.
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