Comprehensive Assurance and Systems Tool : An Integrated Practice Set

by Buckless, Frank A.; Ingraham, Laura R.; Jenkins, James G.

• ISBN13: 9780130451866
• ISBN10: 013045186X
• Edition: 1st
• Format: Paperback
• Copyright: 2005-01-01
• Publisher: Prentice Hall

Table of Contents

Cast: AIS Simulation and Student CD

Prepare Various Common Documents Relating to Sales, Cash Receipts, Purchases, Cash Disbursements and Payroll

Prepare Journal Entries

Prepare Specialized Journal Entries

Post Entries to Subsidiary Ledgers and General Ledgers

Prepare Month-End and Year-End Reconciliation Documents, Trial Balances, etc

Prepare Year-End Worksheet

CAST: Auditing Simulation and Student CD Excel Assignment

Introduction

Creation of Financial Statements

Reporting

Journals

Financial Statement Analysis

Pivot Tables

Peachtree Assignment

Set Up

Transaction Entry

Month-end Year-end Procedures

Financial Reports

Access Assignment

Introduction to Database Concepts

Creating a Database

Creating Tables

Creating Forms

Creating Relationships

Creating Reports

CAST: Integrated Auditing and AIS Simulation

Understanding the Business Environment and Related Risks

Company Information

Industry Information

Client Acceptance and Initial Audit Planning

Company Background

Industry Background

Financial Statements and Basic Facts about the Company

Obtain an Understanding of Control Activities and Tests of Controls for the Expenditure Cycle

Objectives of the Assignment

Brief Background Information about the Company and Industry

Brief Background Information about the Expenditure Cycle

Assignment Requirements

Audit Planning Program

Flowcharts of Purchasing Activities

Flowcharts of Cash Disbursement Activities

Audit Schedule(s) for Control Activities

Audit Schedule for Tests of Controls

Audit Schedule for Reportable Conditions

Design of Substantive Tests of Transactions for the Expenditure Cycle

Objectives of the Assignment

Brief Background Information about the Company and Industry

Brief Background Information about the Expenditure Cycle

Assignment Requirements

Audit Planning Program

Flowchart(s) of Purchasing Activities

Flowchart(s) of Cash Disbursement Activities

Audit Schedule(s) for Substantive Tests of Transactions

Design Analytical Tests and Substantive Tests of Balances for the Expenditure Cycle

Objectives of the Assignment

Brief Background Information about the Company and Industry

Brief Background Information about the Expenditure Cycle

Brief Background Information on How Accounts Payable Records are Maintained

Assignment Requirements

Audit Planning Program

Audit Schedule(s) for Analytical Tests and Substantive Tests of Balances

Develop an Overall Audit Strategy for the Expenditure Cycle

Objectives of the Assignment

Brief Background Information about the Company and Industry

Brief Background Information about the Expenditure Cycle

Brief Background Information on Fraud and Control Environment Assessment

Assignment Requirements

Audit Planning Program

Flowchart(s) of Purchasing Activities

Flowchart(s) of Cash Disbursement Activities

Audit Schedule(s) for Tests of Controls, Tests of Transactions, Analytical Tests, and Substantive Tests of Balances

Audit Schedule for Inherent Risk, Control Risk

Table of Contents provided by Publisher. All Rights Reserved.

Excerpts

TheComprehensiveAssurance andSystemsTool (CAST) provides an integrated learning opportunity that encompasses financial statement assurance and accounting information systems. CAST uniquely exposes students to these issues at The Winery at Chateau Americana, a hypothetical company that is based on an actual domestic winery. Unlike traditional projects and assignments that may offer little or no context, students develop a rich knowledge and understanding of Chateau Americana and its industry as they provide assurance on the company's financial statements and address a variety of challenging accounting information systems issues. CAST is comprised of three self-contained, but complementary modules: TheManual AIS modulerequires students to complete real-world business documents, journalize and post a variety of transactions, and prepare a yearend worksheet. This module may be completed before or during the completion of either the Accounting Information Systems module or the Assurance module. However, students are not required to complete this module before the other modules. TheAccounting Information Systems moduleis comprised of three components: spreadsheets, general ledger software, and databases. Although self-contained, this module's value is greatest when combined with the Manual AIS module. TheAssurance moduleprovides students hands-on experience with fundamental elements of financial statement assurance. This module is comprised of components related to the client acceptance decision, understanding the business environment, understanding and testing internal controls, assessing risks and materiality, conducting substantive tests, evaluating attorney's letters, performing analytical review procedures, and determining the appropriate audit opinion. These components build upon one another and should be completed in the order in which they are presented. CAST can be implemented in either an undergraduate or graduate setting and is ideally suited for simultaneous integration across assurance and information systems courses. In addition, each of the modules can be completed either as an in-class or an out-of-class assignment. CAST affords students the opportunity to develop and strengthen their analytical thinking, written and oral communication, problem solving, and team building skills.