I. REVENUES, CASH RECEIPTS, AND RECEIVABLES II. PURCHASES, CASH DISBURSEMENTS, AND PAYABLES III. PAYROLLS IV. INVENTORIES AND COST OF SALES
Tests of controls are appropriate when control risk is assessed below the maximum or where an additional understanding of internal control is needed.
This Audit Program Template lists the major procedures and steps that are typically in an audit engagement when the auditor decides to test internal controls. Obviously, no individual audit program can be used for every client on every engagement. Professional judgment must be used in deciding which steps should be added and which should be deleted. However, this Template provides a good starting point.
This Audit Program Template does not deal with specialized industry issues, and therefore, the auditor should refer to applicable literature when determining the nature, timing, and extent of audit procedures for those engagements involving specialized industries.
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