Flashcards in Audit Procedures Deck (7)
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1
Inspection (of tangible assets)
Inspection of tangible assets consists of physical examination of the assets.
2
Observation
Observation consists of looking at a process or procedure being performed.
3
Inspection (of records or documents)
Inspection of records or documents consists of examining records or documents.
4
Inquiry
Inquiry consists of seeking information of knowledgeable persons, both inside or outside the entity.
5
Recalculation
Recalculation consists of checking the mathematical accuracy of documents or records.
6
Reperformance
Reperformance is the auditor's independent execution of procedures or controls that were originally performed as part of the entity's internal control.
7
