AUDIT OF
THE REVENUE
CYCLE
kelompok 4
Nama angora:
01 Firnanda Hady W | 042111333223
Relevant Assertions-Revenue
Relevant Assertions-
Accounts Receivable
Determine Significant Risks
Risk of Revenue Recognition Fraud
Fraud Schemes
Fictitious revenues or sham sales (occurrence assertion)
Premature revenue recognition (occurrence and cutoff assertions)
Round-tripping or recording loans as sales (occurrence assertion)
Improper cutoff of sales (cutoff assertion)
Improper recording of sales from “bill-and-holds” that do not meet criteria
for revenue recognition (occurrence and (possibly) cutoff assertions)
Side arrangements that change the original terms of sale (such as a
consignment arrangement or generous right of return), or not meeting
requirements for recording revenue (occurrence assertion)
Manipulation of adjustments and estimates
Evaluate key controls for the revenue cycle and
assess control risk.
• Separation of duties.
• Proper authorization.
• Adequate documents and records.
• Sequentially numbered documents.
• Mailing of statements.
• Independent verification processes
menuntukan tingkat pengujian kontrol
1. Ada risiko di mana prosedur substantif tidak cukup
2. Jika auditor berencana untuk menguji efektivitas kontrol.
3. Tingkat pengujian kontrol ditentukan oleh ketergantungan
yang direncanakan pada kontrol (yang berarti penilaian risiko
kontrol sedang atau rendah). Jika risiko pengendalian rendah,
jumlah penyimpangan yang diharapkan rendah, yang
mengurangi ukuran sampel. Faktor-faktor lain yang
mempengaruhi sejauh mana pengujian kontrol adalah
frekuensi kontrol, lamanya periode, apakah pengujian kontrol
lain sedang dilakukan untuk pernyataan tertentu, dan relevansi
dan keandalan bukti audit
Use professional judgment to develop an audit approach
(strategy) for the revenue cycle.