Flashcards in Audit Procedures Deck (7)
Inspection (of tangible assets)
Inspection of tangible assets consists of physical examination of the assets.
Observation consists of looking at a process or procedure being performed.
Inspection (of records or documents)
Inspection of records or documents consists of examining records or documents.
Inquiry consists of seeking information of knowledgeable persons, both inside or outside the entity.
Recalculation consists of checking the mathematical accuracy of documents or records.
Reperformance is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control.