Junior Audit Simulation

Day 1

Read the case study 

Fundamental Principles of Auditing

Recap of the fundamental principles

The valuation assertion

Performance materiality

Auditing journals

10 step audit programme

how to audit PPE

• Step by step explanations of how to audit PPE
• Complete fixed asset register
• Residual values
• Adding the journal entries to your fixed asset register
• Explaining the journal entries in more detail
• Please upload your Excel sheet with your journal entries
• How to pass the journal entries in CaseWare
• How to pass journal entries 
• Please upload your lead sheet
• PPE audit programme

Day 2

Documentation requirements

The use of legends (tickmarks)

Performing the audit procedures for PPE and Completing the working paper

How to cross-reference the lead sheet to the working papers in CaseWare

How to cross reference the lead sheet to the working papers in Draftworx

Please upload your final "Fixed Asset Register"

Please upload your final lead sheet

Auditing investment property

• How to audit investment property
• Accounting for investment Properties
• Please upload your accounting work for investment properties
• Auditing Investment Properties
• Completeness test for Investment Property
• Please upload your completeness test working paper
• Please upload your audit work for Investment Properties

Day 3

Auditing investments

• How to audit investments
• Upload your accounting work for investments
• Completeness test for investments
•  Please upload your completeness working paper for investments
• Complete the working paper for investments
• Upload your final investment working paper

Audit Inventory

• How to audit inventory
• What happens during the stock take?
• Obtain an understanding of inventory
• Auditing raw materials
• Upload your raw products working paper
• Auditing finished goods 
• Upload your finished goods working paper
• Net Realisible Value test (NRV)
• Upload your NRV test working paper

Day 4

Auditing accounts payable

• How to audit accounts payable
• Completeness test
• Please upload your completeness test for accounts payable
  
• Trade payable reconciliation (Valuation test)
  
• Please upload your reconciliation of payables working paper
  
• Subsequent payment testing
  
• Please upload your "Subsequent payment test" working paper
  
• Salary control account
• Upload your completed "salary control account" 
  
• Reconciling the age analysis with the amount on the lead sheet
  
• Upload your current year`s age analysis 

Auditing provisions

• What is the difference betwee a provision and a contingent liability
• Provision for bonuses
• Upload your provision for bonuses working paper
  
• Provision for leave pay
  
• Upload your "provision for leave pay" working paper
• Provision for legal fees
• Upload your "Provision for legal fees" working paper
  

How to audit accounts receivables

•  How to audit account receivables
• Upload your 10-point plan
  
• My 10-point plan for debtors
• Upload your revised 10-point plan

Day 5

Long term liabilities

• How to do the accounting work for long term liabilities
• Installment sale agreement for the Pony Mixer
• Upload your working paper for the "Pony Mixer"
• Installment sale agreement for the Table Coating Machine
• Please upload your working paper for the "Table Coating machine"
• Bond on the property
• Upload your "Bond on property" working paper

Auditing revenue

• How to audit revenue
• Testing the completeness of revenue
• Upload your completeness test working paper
•  Detail cut-off test
• Upload your detaol cut-off test working paper
• Credit note testing for fraud
   

The post assessment