Audit planning stage – list steps involved int the preliminary engagement, explain information included in and engagement letter, explain the steps in planning an audit, describe immateriality & it’s importance.
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Audit environment – Types of auditory, list attest and assurance services, describe the organizational structure of an accounting firm, and explain the need for audit standards.
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Auditing 101 introduction; audit defined, attestation defined, assurance services defined. Explanation on why audits are important, outline of the audit process.
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Managerial accounting situation designed to highlight common problems in managerial decisions and formal process to make decisions. Included discussion of relevant costs and benefits. Scenarios include accepting additional business or a special offer, decision to make or buy, decision to scrap or rework, decision to sell or process further, decision about sales mix, and decision to eliminate a segment.
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Capital investments in long term assets like fixed assets, equipment, and building need to be analyzed on more detail using tools like the payback period, accounting rate of return, net present value, and internal rate of return.
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Recording transaction by cycle using the accounting equation for accounts receivable and accounts payable. These are common transactions that will be the same for most any company, large, small, service, merchandiser, sole proprietor, partnership, or corporation.
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We record transactions involving cash using the double entry accounting system and the accounting equation. These transactions are the same for all types of organizations from sole proprietors, to partnerships, to corporations, to service companies, and to merchandising companies.
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Accounting objectives, assumption, and principles are the rules that govern the accounting process. Discussion will include the measurement principle, revenue recognition principle, matching principle, full disclosure principle, going concern assumption, monetary unit assumption, business entity assumption
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Ethics, profession, Fraud, and internal controls are related topics that we will touch on here and are also very large topic in themselves. We will talk about ethics as it relates to the profession of accounting, both financial accounting and managerial accounting. Ethics is a subject that has been student as far back as we can track and we still have professional thinkers in ethics. A professional structure has some ethical consents related to it and fraud is defined, in part, by intentions.
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Flexible Budgets help to measure performance in an accounting and business system, comparing actual results to budgeted or standard amounts to increase accountability using variable costs and fixed costs.
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