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Auditing and Attestation > Audit Procedures > Flashcards

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

Analytical procedures

Analytical procedures consist of evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data.