Types of Audit Procedures

Great starting point

Not considered very reliable

Testing Internal Controls

Considered moderately reliable

Testing the mathematical accuracy and consistency of internal accounting records

Very Reliable

Consists of footing and crossfooting

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

Moderately reliable

Extremely relevant to PPE, inventory, and cash on hand

Considered very reliable

Communicating with a 3rd party through a hard copy letter

Reliable because it comes from an independent source

Vouching

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

Tracing

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