类别 全部 - analytical - inquiry - observations - inspection

作者:Sarah Randquist 14 年以前

4543

Types of Audit Procedures

Audit procedures are essential for verifying the accuracy and reliability of financial statements. These procedures include analytical methods where auditors form expectations based on their understanding of the company and its environment.

Types of Audit Procedures

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