Types of Audit Procedures

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Types of Audit Procedures

Inspection of records and documents

Tracing

select from source documents and then go and find in the accounting records

Vouching

select sample items from accounting records and then get source documents to support these transactions

Confirmations

Reliable because it comes from an independent source

Communicating with a 3rd party through a hard copy letter

Physical Examination

Considered very reliable

Extremely relevant to PPE, inventory, and cash on hand

Analytical Procedures

Moderately reliable

Auditors develop expectations about what will be reported in the financial statements based on their knowledge of the company, its industry, and the environment it operates in

Recomputation

Consists of footing and crossfooting

Very Reliable

Testing the mathematical accuracy and consistency of internal accounting records

Observations

Considered moderately reliable

Testing Internal Controls

Client Inquiry

Not considered very reliable

Great starting point