Lecture 15 Revision. Topics for revision Internal control Audit planning and audit program Sales and collection cycle I & II Acquisition and payment cycle.

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Presentation transcript:

Lecture 15 Revision

Topics for revision Internal control Audit planning and audit program Sales and collection cycle I & II Acquisition and payment cycle I & II

Internal control o Definition o Limitations of internal control o Objectives of designing effective internal control Components of internal controls Obtaining understanding of internal control Assessment of control risk Tests of controls

Audit planning & audit program Types of tests Types of evidence Audit program Summary of audit process

Audit of sales & collection cycle I Sales and cash receipts transactions o Classes of transactions and accounts o Business functions, documents & records o Understanding internal control o Design and perform tests of control o Design and perform substantive tests of transactions

Audit of sales & collection cycle II Substantive tests of account balances o Methodology for designing substantive tests o Design & perform analytical procedures o Design & perform tests of details of balances for A/R o Confirmation of A/R

Acquisition & payment cycle I Acquisition & cash payments transactions o Classes of transactions and accounts o Business functions, documents & records o Understanding internal control o Design and perform tests of control o Design and perform substantive tests of transactions and analytical procedures

Acquisition & payment cycle II Substantive tests of account balances o Design and perform tests of details of balance for A/P o Out- of- period liability test o Cut-off tests

Inventory & warehousing cycle Business functions, documents & records Audit of cost accounting Analytical procedures Physical observation of inventory Audit of pricing and compilation

Payroll & personnel cycle Business functions, documents & records Methodology for designing tests of control and substantive tests of transactions Design & perform analytical procedures Design & perform tests of details of balances

Audit of transaction cycles & balances Audit of general cash accounts Audit of PPE Audit of prepaid expenses Audit of accrued liabilities Audit of capital acquisition & repayment

Final exam format Closed book exam Time allowed: 120 minutes Structure: o MCQ: (30 marks) 20 questions o Question 1: (20 marks) Test students on types of audit cycles, audit objectives, types of evidence, types of tests

Final exam format Structure (continued) o Question 2: (20 marks) Theory question covering audit of sales & transactions cycle, audit of A/R o Question 3 (10 marks) Test students on internal control o Question 4 (20 marks) Theory question covering audit of acquisition & payment, other cycles and balances

Final exam format Structure (continued) o Question 4 (15 marks) Exclude audit of inventory, cost accounting, inventory pricing compilation, audit of prepaid expense, audit of accrued liabilities and capital acquisition & repayments. o Question 5 (10 marks) Analytical procedures