- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses three topics related to audits of non- public companies. Lesson 1 covers accounts receivable and revenue, which affect the income statement and the balance sheet, respectively. Lesson 2 discusses the complex issue of inventory and costs of sales. Finally, Lesson 3 looks at the audit procedures for several common categories of other assets (e.g., deferred costs, goodwill and intangibles, derivatives).
Course Expiration Date: May 31, 2023
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Determine the best methods for obtaining audit evidence about accounts receivable and revenue.
Recognize documentation requirements, common overauditing and underauditing tendencies, and how to respond to the fraud risk assessment for these audit areas.
Identify appropriate audit procedures for obtaining audit evidence about inventory and cost of sales.
Recognize the documentation requirements, inventory valuation methods, common overauditing and underauditing tendencies, and fraud risks related to inventory and cost of sales.
Identify audit procedures that provide audit evidence about other assets, such as investments and variable interest entities; documentation requirements; common overauditing and underauditing tendencies; and fraud risks.
Lesson 1—Accounts Receivable and Revenue
Lesson 2—Inventory and Cost of Sales
Lesson 3—Other Assets