Basic Staff Training: Accounts Payable, Expenditures, & Related Fraud Risks (Currently Unavailable)

Author: Robert K Minniti

Are you going to perform an audit on Accounts Payable, Expenditures, & Related Fraud Risks functions? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review the auditing standards and look at best practices for auditing the cash function. We will review Accounts Payable, Expenditures, & Related Fraud Risks that auditors should be aware of.

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

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 session is an audit concepts session that takes the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

Publication Date: July 2019

Topics Covered

• A Review of the Auditing Standards
• A Review of the Financial Statement Assertions
• Accounts Payable, Expenditures & Related Fraud Risks
• Audit Procedures

Learning Objectives

• Identify cash and related fraud risks
• Identify audit procedures for auditing Accounts Payable, Expenditures, & Related Fraud Risks
• Recognize which standard requires an auditor to have adequate technical training and proficiency to perform the audit
• Describe account balances
• Recognize how Benford's Law applies to an auditor
• Describe invoice splitting
• Recognize what criminals sending emails containing invoices that appear to be coming from the owner or CEO with instructions to make immediate payments is known as
• Describe parts of the Fraud Triangle
• Recognize when the auditor should set the materiality threshold for fraud
• Describe which of the Auditing Standards requires an auditor to adequately plan the work and properly supervise any assistants
• Recognize examples of substantive testing
• Describe analytical procedures
• Identify what would not normally be review when auditing accounts payable
• Differentiate audit objectives of an accounts payable audit
• Recognize red flags for accounts payable fraud
• Describe walkthroughs

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None