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Course Details

How to Audit Receivables (Course Id 1317)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1317

Description :

The How to Audit Receivables course describes the characteristics of receivables from an auditing perspective, and then goes on to describe the activities required to audit receivables. Background information concerning receivables is also included, such as the allowance for doubtful accounts, accounting for notes receivable, receivable fraud, and receivable controls.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 18-Jan-2018
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1317

Keywords : Auditing, How, Audit, Receivables, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Recognize the characteristics of notes receivable.
  • Note the different types of related parties.
  • Cite the types of fraud related to receivables.
  • Describe the process of risk assessment used by an auditor.
  • Recognize when alternative audit procedures should be used.
  • Recognize the substantive procedures used in relation to receivables.
  • Describe the contents of a confirmation letter.
  • Note the circumstances under which a negative confirmation could be used.
  • Recognize the contents of the allowance for doubtful accounts.
  • Note the proper accounting for a note receivable.

Chapter 1
Auditing Receivables

  • Recognize the characteristics of notes receivable.
  • Note the different types of related parties.
  • Cite the types of fraud related to receivables.
  • Describe the process of risk assessment used by an auditor.
  • Recognize when alternative audit procedures should be used.
  • Recognize the substantive procedures used in relation to receivables.
  • Describe the contents of a confirmation letter.
  • Note the circumstances under which a negative confirmation could be used.

    Chapter 2
    The Allowance for Doubtful Accounts

  • Recognize the contents of the allowance for doubtful accounts.

    Chapter 3
    Accounting for Notes Receivable

  • Note the proper accounting for a note receivable.
  • Course Contents :

    Chapter 1 - Auditing Receivables

    Auditor Objectives

    Auditing Characteristics of Receivables

    Receivables Process Flow

    Receivable Schemes

    Diversion of Collections on Old Receivables

    Lapping

    Fake Receivables

    Fake Notes

    Auditing Activities

    Inherent Risk Assessment

    Material Misstatement Assessment

    Accounts Receivable Aging Report

    Substantive Procedures

    Examine Accounts Receivable Aging Report

    Inspect and Confirm Notes

    Confirm Receivables

    Positive Confirmations

    Negative Confirmations

    Mixed Confirmations

    Sample Confirmation

    Confirmation Sample Size

    Dealing with Discrepancies

    Dealing with Nonresponses

    Management Refuses to Allow Confirmations

    Confirmation of Write-Offs

    Review Cutoff

    Test Notes Receivable

    Fair Value Option

    Evaluate Receivables Accounting

    Examine Allowance for Doubtful Accounts

    Investigate Legal Encumbrances

    Search for Related Parties

    Conduct Analytical Procedures

    Review Presentation

    Internal Controls Used by the Client

    Advance Work

    Review Questions

    Chapter 2 - The Allowance for Doubtful Accounts

    Estimation of the Allowance for Doubtful Accounts

    Accounting for the Allowance for Doubtful Accounts

    The Direct Write-off Method

    Review Questions

    Chapter 3 - Accounting for Notes Receivable

    Notes Receivable

    The Amortization Schedule

    Imputed Interest

    Review Questions

    Glossary

    Auditing Course 1317 Home: https://www.cpethink.com/auditing-cpa-courses
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