Audit Templates (Standalone)

Revenue and receivables are the top-rated areas for financial statement fraud. It can also be an area prone to control weaknesses and inefficiencies. Based on the well-known book, Revenue Test Set for ACL as written by the instructor, this course provides instruction on using test sets with included scripts to reach objectives unique to receivables and revenue accounting.

The specific learning topics are:

• Being able to map audit objectives in the revenue cycle to the specific test scripts to perform the task (sampling of these scripts are provided with the course)

• Learn the top questions to ask when extracting sales / accounts receivable data and which tables map best to the audit objectives

• See how a test set of scripts can be developed to uncover …..or fraud

• Understand how ACL scripts can be written (beyond those provided in the course) to complete many common testing routines in sales / accounts receivable data

Learning Module Pages Descriptive Text (Above the video on the page and below title at left) Minutes

• 1. Mapping Revenue Audit Objectives to Scripts – Part 1 Provides an overview of the revenue audit, starting with the types of revenue frauds and then ending with the audit objectives per the Revenue Test Set for ACL - Video Recording 10:48
• 1. Mapping Revenue Audit Objectives to Scripts – Part 2 Explains the approach used in the Revenue Test Set for ACLTM by listing the audit objectives, audit questions to achieve these objectives, and then explaining how the scripts are selected Video Recording14:35
• 2. Getting Data and Getting Ready Shows the use of a provided data mapping tool for alignment to the ACL tests, some financial statement considerations, and then explains the layout of a sample Test Set. Video Recording 10:48
• 3. DATE_DIFF – Differences in Invoice and Sales Order Dates Explains a simple join of the invoice and sales order files with an additional calculated field for interest lost (due to time value of money). Video Recording 8:56
• 4. PRI_APPR – Invoicing for Unapproved Prices Explains the use of Video Recording 27:27
• 5. PRI_VAR – Prices Above the Standard Deviation for a Product Calculates a standard deviation by location and product number for use . Video Recording 23:08
• 6. CUS_TOTS – Comparison of Two Customer Summary Timeframes Video Recording 4:25
• 7. 7. QTY_EXC – Identify Over Billed Quantity Situations Video Recording 4:03
• 8 – upload ORD_INV – Identify Over Billed Situations for Any Reason
• 9 – upload CUT_TEST – Compare Period End to First Three Quarters
• 10. AGE_CHG – Identify Re-Invoiced Invoices

The above video recordings are available to subscribers and site license users after logging in the 'ACL Training Videos' file.