The Audit: Its Environment and Application : an Experiential Approach
This book is a four-part active learning experience designed to simulate elements of the accounting profession, the public accounting firm, the client, and the actual audit process. Emphasis is on the development of skills and abilities required of all accounting and business graduates. Specifically, The Audit provides students with opportunities to develop critical thinking skills by requiring the identification and resolution of issues associated with the practice of auditing. Throughout the various assignments in The Audit, students are also provided an opportunity to refine both verbal and written communication skills.
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A Tale of Two Clients
Shannon Development Inc Independent Application
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accounts payable Accounts Receivable Aggregate Audit Risk and/or appropriate approved assertions assignments audit objectives Audit Planning audit procedures audit process audit program audit tests Average Misstatement Factor billings client completed construction contract contractor control risk costs Current Liabilities detection risk documents employees equipment estimated evidence Exhibit F financial statement assertions financial statements Firm Policy firm's flowchart identify income income statement individual inherent risk initial assessment Initial Specification internal control structure inventory invoices ledger Lee Shannon liabilities March 31 Misstatement Factor Score normal audit operations owner or manager partners payment Payroll performed personnel prenumbered prepared professional realization rate receipts records reports response revenue risk and control Risk Evaluation Matrix Shannon Development Specification of Aggregate staff subcontractors subledger substantive tests swim meets tests of controls Tony Tony's Total transaction cycle transaction cycle/account balance x CR