Audit Evidence Flashcards
0
Q
Detection Risk
A
The probability that the auditor’s substantive tests will not detect material misstatements (APXTD)
Analytical Procedures
Tests of details
1
Q
Management’s Assertions to the Financial Statements
A
U-PERCV Understandability & Classification Presentation & Disclosure Existence or Occurrance Rights & Obligations Completeness & Cutoff Valuation, Allocation, Accuracy
2
Q
Tracing
A
Trace from source document into the books to ensure that the source document is included in the financial statements (completness)
3
Q
Vouching
A
Going from the books to the source document (to confirm existence/occurrence). Used to make sure that a sale actually occured.
