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PonyUp (2014 Day 2 Q1) (Audit Planning Memo (Procedures (Cash and Revenue …
PonyUp (2014 Day 2 Q1)
Audit Planning Memo
Potential Fraud & Overal Impact
Client Acceptance
Risk Assessment
Factors that affect Overall Audit Risk
Risk of MM
Risk of MM at Assertion Level
Materiality
Approach
Procedures
Cash and Revenue - Fraud Risk
Expenses - Fraud Risk
Related Party Transactions
Non-Monetary Transactions
Revenue - Non Refundable Fee
Revenue - Gross versus Net (Services Fees)
Investment in Saddle Stables Inc
Horse Inventory (versus PPE)
Communication with those Charged with Governance
Internal Control Recommendations
Accounting Issues
Related Party Transactions
Non Monetary Transactions
Revenue - Non-refundable Fee
Revenue - Gross versus Net
Investment in Saddle Stables
Inventory versus PPE
Controls Breakdowns and Recommendations for Improvements
Segregation of Duties
Approval of Expenses
Scheduling of Horses
LessonFees
Approval of Bank Reconciliations
Cheque Signing
Indicators of Fraud