How to Audit- Case Study Day 3
'How to Audit'
Participants will gain an understanding of the audit objectives to be proved and the evidence available for fixed asset testing.
Introduction to fixed assets, objectives of the section and main audit areas.
Participants are given the client's fixed asset lead schedule, working papers and relevant invoices plus extractions from the minutes and the repairs and maintenance account, and physical verification schedule. They are required to audit the section updating the fixed asset register in the process. Several errors are discovered giving further experience in scheduling of potential adjustments.
Review of case study and any points arising.
'How to Audit'
Participants will cover the key issues concerning stock and how to effectively gather evidence to gain assurance on those areas.
Introduction to the audit of stock, objectives of the section and audit work. Emphasis is placed on the high risk nature of the audit area.
Stock-take attendance. Participants have the completed documentation for WJK Ltd on file and the procedure is discussed.
Participants will be given the results of a stock-take attendance and are expected to follow these through to the final sheets, investigating any errors.
Valuation. A short talk is given on valuation methods and audit work required. The case study will then be used to apply the appropriate method.
Who should take the course
This course is designed to put theory into practice. It is ideal for anyone who has recently become involved or is about to become involved in the audit of bank and cash and has at least 3 months in the profession. Knowledge of the principles of bookkeeping is assumed. The course is also suitable for any member of staff wishing to revise basic techniques and learn about current auditing methodologies.
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