Journal Entry Testing
Overview
Journal entry testing is a required procedure but most times auditors don’t know what is required, why they are testing journal entries or how to test them. This course will help auditors appreciate the CAS requirements and why journal entry testing is useful in engagements. The session will walk through a practical three-step approach on how to understand, select and test journal entries in an effective and efficient manner. Specific guidance on documenting and concluding is demonstrated.
Learning Objectives
By the end of the session, participants will be able to:
- Understand the CAS requirements of journal entry testing
- Appreciate why journal entry testing is required
- Develop an efficient approach to journal entry testing using a 3-step approach
- Conclude on results of journal entry testing
- Document procedures and results
Course Content
Module 01
Introduction and overview of JE testing and CAS requirements
Module 02 · Step 1
Understand and make inquiries related to the journal entry process
Module 03 · Step 2
Identify and determine the selection criteria
Module 04 · Step 3
Test the journal entries selected
Module 05
Document the results and conclude including practical application and examples
Module 06
Review of key points and action planning
Module 07
Resources