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This video dives into auditing procedures for common financial statement items like cash, receivables, inventory, investments, property, and liabilities. Learn how auditors sniff out fraud in cash accounts, confirm the validity of receivables, ensure proper inventory valuation, and verify the existence of liabilities. The video also explains different sampling techniques auditors use to efficiently test accounts and wraps up by explaining how to mitigate sampling risk.
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Video Chapters:
0:00 – Intro
1:08 – Auditing Cash
4:22 – Auditing Revenue and Accounts Receivable
5:54 – Auditing Inventory
7:18 – Auditing Investments
8:39 – Auditing Property
11:10 – Auditing Accounts Payable
12:31 – Auditing Notes Payable
14:07 – Auditing Equity
15:04 – Audit Sampling
18:22 – Auditing for Lawsuits
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Our goal at Maxwell CPA Review is to help you thrive in your accounting studies. Whether you're struggling through a college accounting course or are pursuing the CPA exams, we want to help these confusing concepts finally make sense!
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