Accounting Instruction, Help, & How To - Bob Steele

Audit testing of revenue process.

The post 56005 – Auditing – Revenue Process appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Audit sampling is necessary because we cannot test all transaction in the audit process and must use sampling in order to make a determination about many audit assertions

The post 55805 – Audit Sampling appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Internals are a critical part of the audit process and a critical part of the running of an organization.

The post 55605 – Audit – Internal Controls appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Explain the function of audit evidence, describe management assertions about transactions, account balances and disclosures, list procedures to obtain audit evidence and describe reliability of audit procedures.

The post 55505 – Audit Evidence And Documentation appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Audit risk assessment includes, analyzing what audit risk is, audit risk assessment process, analysis of how to act on audit risk results, & documentation of audit risk assessment.

The post 55405 Audit Risk Assessment appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Audit planning stage – list steps involved int the preliminary engagement, explain information included in and engagement letter, explain the steps in planning an audit, describe immateriality & it’s importance.

The post 55305-Audit Planning Stage appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Audit environment – Types of auditory, list attest and assurance services, describe the organizational structure of an accounting firm, and explain the need for audit standards.

The post 55205 – Audit Environment appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Auditing 101 introduction; audit defined, attestation defined, assurance services defined. Explanation on why audits are important, outline of the audit process.

The post 55005-Auditing, Attest, & Assurance appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Managerial accounting situation designed to highlight common problems in managerial decisions and formal process to make decisions. Included discussion of relevant costs and benefits. Scenarios include accepting additional business or a special offer, decision to make or buy, decision to scrap or rework, decision to sell or process further, decision about sales mix, and decision […]

The post 2500.4 – Managerial Decisions, Relevant Cost, Sunk Cost, Opportunity Cost appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).

Capital investments in long term assets like fixed assets, equipment, and building need to be analyzed on more detail using tools like the payback period, accounting rate of return, net present value, and internal rate of return.

The post 2500.1 Payback Period, Accounting Rate Of Return, Net Present Value, Internal Rate Of Return appeared first on Accounting Instruction, Help, & How To (Financial & Managerial).