Standard Audit Procedures
Fraud Concealment
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Due Diligence
Penalties & Policies
100

Accounts Receivable Aging

What is a standard procedure to check the valuation of a company's Accounts Receivable

100

Shipping After Year-End

What is a way to recognize revenue for sales made after year-end. Make sure you change the shipping documents.

100

Changing the location of this procedure could catch management lying about shipments

What is changing the location of inventory counts?

100

Look at the bios of board members

What is something an investor should do before investing in a company?

100

This was the consequence for B&L

What is $13 million fine, slap on the wrist, no jail time

200

Cutoff Procedures

What is a procedure that compares sales data from before and after year end?
200

No Allowance for Returns

What is a way to inflate revenues?

200

Someone other than management that auditors can interview to uncover suspicious shipping activities

What is the shipping personnel?

200

Check the company's F.S. history

What is a way to gut check if the company's goals and results are realistic?

200

Code of Ethics Acknowledgement

What is a company policy that would help prevent fraud?

300

Logic and Reasoning

What is a core competency of auditors?

300

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