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Auditing Cash – Applying Basic Skills To The Starting Point Of Any Audit

  • ACCT/BK
  • CRMA
  • CFE
  • CIA
  • CMA
  • CPA (US)
  • CA - ICAEW
  • ACCA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: August, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Risk Assessment for Cash
    2 mins
  • Held Checks
    14 mins
  • Electronic Bank Confirmations
    27 mins
  • Cash in Excess of FDIC Limits
    40 mins
  • Case Study - Additional Information
    66 mins
  • Unrealized Gains/Losses - Debt and Equity Securities
    97 mins

Course Description

Cash is King. Cash makes the world go around. For any business management of cash is very important. Therefore the auditing cash transactions is of crucial importance. 

Cash tends to be one of the first areas assigned to new auditors, as there is typically little complexity and subjectivity involved. In addition, persuasive audit evidence from a third party is generally available. 

However, research shows that around 80% of asset misappropriation relates to cash. Revenue and cash receipts are two critical areas that require strong controls to prevent intentional fraud or unintentional misstatements. Therefore, the audit of accounts and classes of disclosures related to cash and cash equivalents does tend to carry some level of risk of material misstatement.  

This Online CPE course discusses common audit procedures surrounding cash and cash equivalents, as well as steps for risk assessment to identify common risks found in this area. It will also demonstrate how the approach to auditing different cash accounts may vary. It also covers how you can strengthen inquiry which is an important audit procedure in the area of cash and cash equivalents. 

This Online CPE webinar covers the following Key Topics:

  • Explain typical audit risks and special considerations related to cash and cash equivalents
  • Describe designing a detailed audit plan, linking assessed risk to planned procedures
  • Perform typical audit procedures associated with auditing cash and cash equivalents
  • Case study related to auditing cash and cash equivalents, including identifying and evaluating a misappropriation of cash
  • Discuss how to obtain evidence through inquiry of the client


Click to access CPE webinars on Accounting & Auditing | IRS Audit CE webinars

Learning Objectives

  • To discover and discuss designing and performing standard audit procedures related to cash and cash equivalents.
  • To identify and describe typical presentation and disclosure issues related to cash.
  • To recall audit risks related to cash and cash equivalents
  • To explore and explain how to evaluate audit evidence associated with this typically starting audit area, including evidence obtained through inquiry.
  • To explore the concepts in detail through the case study

Recommended For

  • This Online CPE webinar is recommended for Professionals requiring fundamental guidance in how to design and perform a detailed audit plan for a less-complex audit area.
  • This Online Continuing Professional Education webinar on Auditing is recommended for CPAs, CMA, CFE, CIA, CRMA, and Other Professionals who desire to support their clients with better cash auditing services

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2.5 CPE Credit for Certified Management Accountants (CMA)
  • 2.5 CPE Credit for Certified Internal Auditors (CIA)
  • 2.5 CPE Credit for Certified Fraud Examiner (CFE)
  • 2.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2.5 CE Credit for Certified Wealth Strategist (CWS)
  • 2.5 General Credit for Accountant/Bookkeeper (ACCT./BK)
  • 2.5 CPD Credit for Chartered Accountants - ICAEW
  • 2.5 CPD Credit for Chartered Certified Accountants (ACCA)
  • 2.5 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 2.5 CPD Credit for Chartered Accountants - Scotland
  • 2.5 CPD Credit for CPA - Ireland

Additional details

  • Course Level :
    Basic
  • Credits :
    2.5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Jennifer Louis, CPA (US)

President, Emergent Solutions Group LLC

Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.

About Company

Emergent Solutions Group LLC

www.emergentgroup.net

Emergent Solutions Group is highly rated in course design and instruction on a wide array of topics, including accounting, auditing, personal development, project management, practice management, and more. Our Services includes : 

1. Developing High-Caliber, Cost-Effective Training Content

2. Revamping or Customizing Existing Training Offerings

3. "On-Call” Instructing and Speaking

4. Training the Trainer

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

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