General audit procedures

Question 1

Obtain client schedules supporting the classes of transactions and account balances.

Answer 1

Re-perform the casts and cross-casts on these schedules

Question 2

Agree the closing balance of these schedules to the amounts in the general ledger, trial balance
and annual financial statements.

Answer 2

If applicable, agree the opening balance of these schedules to the prior-year working
papers/audited financial statements.

Question 3

Inspect the schedules and general ledger accounts for any unusual entries (e.g. negative, zero,
large and round numbers, and back-dated journals) and follow up with management

Answer 3

Perform overall analytical review procedures (e.g. by comparing current to prior year, budget,
similar industries, etc.) and follow up on discrepancies by enquiry from management and
inspecting supporting documentation.

Question 4

Inspect the financial statements for adequate financial disclosures in relation to the International
Financial Reporting Standards or the relevant accounting framework

Answer 4

Obtain a signed management representation letter relating to all assertions regarding the classes
of transactions and account balances being audited.

Question 5

Consider the effectiveness of internal controls regarding classes of transactions or account
balances and its impact on the nature, timing and extent of the substantive procedures