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Accounts receivable: An audit simulation

Author

Listed:
  • Edmonds, Mark
  • Miller, Tad
  • Savage, Arline

Abstract

This simulation allows you to confirm accounts receivables electronically. It contains 1000 customer accounts from which you select a random sample. Confirmations are created and then sent to customers. Some confirmations are returned with discrepancies. For confirmations not returned, the simulation creates invoices, bills of lading, and purchase orders necessary for you to perform alternative procedures. Although the simulation requires little class time, you perform several audit procedures that help you gain an understanding of (1) the confirmation process; (2) alternative procedures for receivables; (3) the evaluation of audit evidence; (4) the preparation of work papers; and (5) statistical sampling as a tool to manage risk. The project requires approximately one hour to complete.

Suggested Citation

  • Edmonds, Mark & Miller, Tad & Savage, Arline, 2019. "Accounts receivable: An audit simulation," Journal of Accounting Education, Elsevier, vol. 47(C), pages 75-92.
    • Handle: RePEc:eee:joaced:v:47:y:2019:i:c:p:75-92
    DOI: 10.1016/j.jaccedu.2019.04.001
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    References listed on IDEAS

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    1. Gifford, Richard & Howe, Harry, 2012. "Rosie’s East End Restaurant: An experiential introduction to auditing," Journal of Accounting Education, Elsevier, vol. 30(2), pages 207-219.
    2. Dickins, Denise & Fallatah, Yaser & Higgs, Julia, 2013. "The importance of sample selection: An instructional resource using U.S. presidential elections," Journal of Accounting Education, Elsevier, vol. 31(1), pages 68-83.
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    Cited by:

    1. Saadullah, Shahriar M. & Elsayed, Nader, 2020. "An audit simulation of the substantive procedures in the revenue process – A teaching case incorporating Bloom’s taxonomy," Journal of Accounting Education, Elsevier, vol. 52(C).
    2. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M., 2020. "Accounting education literature review (2019)," Journal of Accounting Education, Elsevier, vol. 51(C).

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