Week 7 - What is Missing Flashcards
(4 cards)
1
Q
What can make auditing really difficult?
A
Auditing what is there is one thing, what’s difficult is checking for missing information
2
Q
What are key tools to check for anything missing?
A
Analytical procedures - comparing prior years / similar companies / what you’d expect
3
Q
What is an example of an analytical procedure helping to check to see if something is missing?
A
e.g notice water bill in previous accounts but notice it is missing in this one - can then sort with management
4
Q
What do we need to do when inherent and control risk are high?
A
Increased substantive (year-end) testing
