Audit Concepts for Cash and Related Fraud Risks 1 CPE

Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This course is an 'audit concepts' session that takes the participants on a journey that links the audit procedures to the audit standards. The course also offers practical ideas on how to make audit area procedures more efficient while maintaining audit quality.

The audit of cash and underlying fraud risk is a significant component in most audits. This course starts with the key considerations in risk assessment, internal control and the audit plan for an audit area. Next, these considerations are linked to audit assertions and specific audit procedures. 

From an audit procedure standpoint this session also focuses on the techniques and documentation needs that staff accountants need to know. In addition, the session offers practical advice to the senior accountant overseeing the audit on appropriate supervision and review techniques. 

This session helps prepare the staff auditor to know what to do and why. In addition, it also helps the senior accountant be better prepared to know how to plan the audit procedures as well as review the work of the staff in this important audit area.

Prerequisites

No advanced preparation or prerequisites are required for this course.

Learning Objective

• Identify risk assessment concepts related to cash accounts
• Recognize typical key controls related to the audit assertions for cash
• Explore analytical review as a substantive procedure for cash
• Recognize supervision and review techniques
• Identify appropriate documentation of work performed

Last updated/reviewed: March 11, 2024