An audit simulation of the substantive procedures in the revenue process – A teaching case incorporating Bloom’s taxonomy

Shahriar M. Saadullah and Nader Elsayed

Journal of Accounting Education, 2020, vol. 52, issue C

Abstract: Audit education has been calling for changes in teaching methodology since the 1970s (Burton & Bradley, 1992), as many universities are insufficiently equipping their graduates with the necessary professional skills. This project helps students gain hands-on experience while performing parts of the substantive procedures in the revenue process. The learning objectives of this project include hands-on experience with (1) substantive procedures, (2) error detection and documentation, (3) identification of accounts affected due to the detected errors, (4) effects on financial statements due to those errors, and (5) connecting the errors detected with compromised management assertion(s). The students perform substantive procedures related to the revenue process to find errors in financial statements and supporting documents. Once they detect the errors, the students document them along with the related management assertion(s) that were compromised and then identify the accounts affected and the effect on the financial statements. All the documents and guidelines for implementation are available in the teaching notes.

Keywords: Audit simulation; Audit theory and practice; Revenue process; Substantive procedures; Test of details; Bloom’s taxonomy; Management assertions; Accounting education (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joaced:v:52:y:2020:i:c:s0748575120300348

DOI: 10.1016/j.jaccedu.2020.100678

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