Performing Audit Tests of Balances (In-Person and Remotely)—Part 12, Auditing Payroll and Other Expenses

Date: 2/14/2025
Time: 12:00 PM - 2:00 PM EST
CPE Credit: 2 hours

Upon completion of risk assessment procedures, analytical procedures and tests of balances procedures in major audit areas, most tests of balances for payroll and expense accounts should have been completed. In this section, the focus will be on where the evidence to verify assertions has been obtained and what additional audit evidence may be necessary. This section also presents a brief overview of the statement of cash flows and contains brief discussions of common frauds affecting revenues and expenses.

Topics Covered

• Statement of cash flows
• Revenues and expenses

Learning Objectives:

• Understand the basic procedures for auditing payroll and operating expenses
• Recognize accounting standards from major audit areas that affect payroll and expense accounts
• Understand the impact of risk assessment procedures and analytical procedures on detailed tests of balances
• Learn when additional tests of balances are necessary to verify financial statement assertions
• Overview the statement of cash flows
• Learn how to wrap up engagements effectively and efficiently