Audit Evidence Flashcards
What are the ways in which an auditor can gather audit evidence?
Tests of controls
Substantive procedures (tests of detail and analytical procedures)
What are the audit procedures?
Analytical procedures
Enquiry (and confirmation)
Inspection
Observation
Recalculation (and re-performance)
Description of analytical procedures? (evaluation)
Evaluation of financial information by comparison to financial and non-finanical data
Description of analytical procedures? (investigation)
Investigation of significant differences and relationships which are inconsistent with other information
Description of enquiry?
Seeking information of knowledgable persons throughout the entity or outside tne entity
Description of confirmation?
Obtaining representation directly from a third party
Description of inspection?
Examining records, documents and tangible assets
Description of observation?
Looking at a process or procedure being performed by others
Description of recalculation?
Verifying the arithmetical accuracy of documents or records and the auditor’s independent execution of procedures and re-performance of controls
