TAILIEUCHUNG - Ebook Auditing - A risk based approach to conducting a quality audit (9th edition): Part 2
(BQ) Part 2 book "Auditing - A risk based approach to conducting a quality audit" has contents: Auditing the revenue cycle, auditing cash and marketable securities, activities required in completing a quality audit, audit reports on financial statements, advanced topics concerning complex auditing judgments,.and other contents. | 9 C H A P T E R Auditing the Revenue Cycle CHAPTER OVERVIEW AND LEARNING OBJECTIVES Accounts in the revenue cycle should be presumed to be high risk for most audits because these accounts are highly susceptible to misstatement. Auditors must carefully consider management’s motivation to stretch accounting principles to achieve desired revenue reporting. Auditors need to understand the relationships present in the accounts and how to best approach the audit. In terms of the audit opinion formulation process, this chapter primarily involves Phases II, III, and IV—performing risk assessment procedures, tests of controls, and substantive procedures for the revenue cycle. Through studying this chapter, you will be able to achieve these learning objectives: 1. Identify the significant accounts, disclosures, and relevant assertions in the revenue cycle. 2. Identify and assess inherent risks of material misstatement in the revenue cycle. 3. Identify and assess fraud risks of material misstatement in the revenue cycle. 4. Identify and assess control risks of material misstatement in the revenue cycle. 5. Describe how to use preliminary analytical procedures to identify possible material misstatements for revenue cycle accounts, disclosures, and assertions. 7. Determine appropriate tests of controls and consider the results of tests of controls for revenue cycle accounts, disclosures, and assertions. 8. Determine and apply sufficient appropriate substantive audit procedures for testing revenue cycle accounts, disclosures, and assertions. 9. Apply the frameworks for professional decision making and ethical decision making to issues involving the audit of revenue cycle accounts, disclosures, and assertions. 6. Determine appropriate responses to identified risks of material misstatement for revenue cycle accounts, disclosures, and assertions. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to .
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