Accounting & Analytics · Auditing & Assurance

AuditTrail: Audit Risk Assessment Lab

Interactive audit exercise where students assess risks, test controls, design substantive procedures, and form an audit opinion for a mid-sized manufacturer with embedded red flags

4 rounds Executive English, Español
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Who it is for

An advanced simulation for participants used to working with the main frameworks and trade-offs of the subject, designed for executive education and experienced professionals.

How a session runs

  1. The instructor creates a session from the Eureka dashboard and invites the participants.
  2. Participants play 4 rounds. In each one they submit their decisions and the simulation calculates the results. The first round opens with: Risk Assessment and Planning.
  3. The simulation can be run in English, Español.
  4. The instructor follows each participant's progress and results from the dashboard, and uses the class results for the debrief.

Decisions participants make

The decisions participants make during the simulation:

  • Overall Materiality ($)
  • Inherent Risk — Revenue
  • Inherent Risk — Inventory
  • Inherent Risk — Receivables
  • Control Risk (Overall)
  • Segregation of duties in accounts payable
  • Authorization controls for purchases over $10,000
  • Monthly bank reconciliations
  • Physical inventory access restrictions
  • IT general controls and access management

What participants track

What participants follow on screen as the rounds go by:

  • Client Profile — Precision Manufacturing Co.
  • Identified Red Flags

Subjects covered

Designed for courses in Auditing & Assurance.

  • Auditing Principles & Standards

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