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The two riskiest elements of accounts receivable are the allowance for doubtful accounts and proper cut-off. Because the balance is an estimate and highly subjective, the allowance for doubtful accounts usually is the area of accounts receivable most susceptible to material misstatement. Some clients have difficulty achieving a good cut-off at year-end, and any cut-off errors directly impact revenues.
You want to gain comfort that the client has included all the receivables and sales earned in the current period. At the same time, be alert for bogus sales and the improper acceleration of revenue recognition.
Through an interactive, comprehensive case study, you will learn how to effectively and efficiently audit accounts receivable and the allowance for doubtful accounts. You'll explore the importance of testing the accounts receivable aging and how to use subsequent cash collections to increase efficiency.
Prerequisite: 6-24 months experience
Advanced Preparation: None