Session title: The accounting systems and internal controls
Aims & Objectives
To gain knowledge and understanding of the revenue accounting system
To identify the relevant internal controls to mitigate risk
To identify tests of internal controls
To apply internal controls to activities
Introduction
In this session, we will look at revenue system and the internal controls associated with it.
For, example, the sales ordering controls and the risk associated with it, such as accepting
customers with poor credit risk; the sales despatch notes and invoicing controls and the
associated risks such as despatching goods to customers but not invoicing them. We will also
consider how the auditor or assurance provider, test the controls are in place and operating
efficiently and effectively.
You will be required to do the selective worked examples and interactive questions in the
(ICAEW, 2016) Assurance Study Manual and Question Bank to give you a more
comprehensive application of the topics covered in the course pages.
At this level of your degree, it is expected that in addition to the course pages and tutor
support provided, you must carry out academic research work to give a wider knowledge and
understanding of the subjects covered in these course pages.
We will also provide a number of activities for you to attempt, in order to test your
knowledge and understanding from case studies and short questions.
Discussion Question
[2]
, N/A
Glossary
N/A
Summary
In this session, we looked at revenue system and the internal controls associated with it. For,
example, the sales ordering controls and the risk associated with it, such as accepting
customers with poor credit risk; the sales despatch notes and invoicing controls and the
associated risks such as despatching goods to customers but not invoicing them. We also
considered how the auditor or assurance provider, test the controls are in place and
operating efficiently and effectively.
You were required to do the selective worked examples and interactive questions in the
(ICAEW, 2016) Assurance Study Manual and Question Bank to give you a more
comprehensive application of the topics covered in the course pages.
You were also expected to carry out academic research work to give a wider knowledge and
understanding of the subjects covered in these course pages.
In the next session, we will continue with looking at the accounting system and internal
controls.
Further reading
ICAEW, (2016) Assurance, Study Manual, 10th Edn, Exeter: Wheatons
Recommended reading
Eilifsen, A., Messier, W., Glover, S. and Prawitt, D. (2006) Auditing and Assurance Services,
International Edition, Berkshire: McGraw-Hill Higher Education
Millichamp, A., Taylor, J. (2012) Auditing, 10th Edn, Hampshire: Cengage learning EMEA
[3]
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anmolkaur1004. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.54. You're not tied to anything after your purchase.
Bundle : Pearson Edexcel GCE In Arabic |Paper 1,Paper 2 and Paper 3| QP and MS |2024
Exam (elaborations) ·
(1)
FOCUSED EXAM-HYPERTENSION AND TYPE 2 DIABETES SHADOW HEALTH-PRESCRIPTION WRITING 2024/2025 UPDATE COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS/GRADED A+/GET IT 100% ACCURATE!!
Exam (elaborations) ·
(1)
RBS Study Guide.
Exam (elaborations) ·
(0)
MI drivers training segment 1 practice test questions and answers 100% pass
Exam (elaborations) ·
(0)
HIEU 201 Chapter 11 quiz / HIEU201 Chapter 11 quiz (Latest), HIEU 201-HISTORY OF WESTERN CIVILIZATION, Liberty university.