Recording normal business transactions related to cash, accounts receivable, and accounts payable, using debits and credit, discussing the effect on the accounting equation of assets liabilities and equity
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Audit reports including standard unqualified report and variations including qualified report
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Audit of cash and financial investments including cash equivalents, stocks, and bonds
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Audit of long term liabilities, Stockholder’s Equity, and the income statement including internal controls and substantive tests
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Audit of property plant & equipment, prepaid assets, and intangible assets including internal controls and substantive tests
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Audit of inventory including controls and substantive testing
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Audit of the payroll process including internal controls and duties to be segregated.
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Auditing the purchasing process including accounts payable and expenses, assets, and inventory related to the purchasing process.
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Audit sampling is necessary because we cannot test all transaction in the audit process and must use sampling in order to make a determination about many audit assertions
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