Standard Audit Procedures
Accounts Receivable Aging
What is a standard procedure to check the valuation of a company's Accounts Receivable
Shipping After Year-End
What is a way to recognize revenue for sales made after year-end. Make sure you change the shipping documents.
Changing the location of this procedure could catch management lying about shipments
What is changing the location of inventory counts?
Look at the bios of board members
What is something an investor should do before investing in a company?
This was the consequence for B&L
What is $13 million fine, slap on the wrist, no jail time
Cutoff Procedures
No Allowance for Returns
What is a way to inflate revenues?
Someone other than management that auditors can interview to uncover suspicious shipping activities
What is the shipping personnel?
Check the company's F.S. history
What is a way to gut check if the company's goals and results are realistic?
Code of Ethics Acknowledgement
What is a company policy that would help prevent fraud?
Logic and Reasoning
What is a core competency of auditors?
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