TERM LEC 2 + 3 AUDIT

Use of comparisons and relationships to assess whether account balances or other data appears reasonable

• Tests of details of balances

• Management assertions

• Analytical procedures

• Balance-related audit objectives

Audit procedures designed to test the effectiveness of control policies and procedures

• Tests of details of balances

• Tests of controls

• Transaction-related audit objectives

• Balance-related audit objectives

Audit procedures testing for monetary misstatements to determine whether the balance-related audit objectives have been satisfied for each significant account balance

• Balance-related audit objectives

• Transaction-related audit objectives

• Tests of details of balances

• Tests of controls

Implied or expressed representations made by the client about classes of transactions, account balances and disclosures in the financial statements.

• Analytical procedures

• Transaction-related audit objectives

• Balance-related audit objectives

• Management assertions

detailed instructions for the collection of a type of audit evidence

• audit documentation

• audit procedures

• analytical procedures

• reliability of evidence

contains all the information that the auditor considers necessary to conduct an adequate audit and to provide support for the audit report

• audit documentation

• audit procedures

• persuasiveness of evidence

. a less detailed examination of a document or record to determine if there is something unusual warranting further investigation

• read

• trace

• scan

• examine

a determination of assets on hand at a given time

• scan

• trace

• vouch

• count

a use of the senses to assess certain activities

• inquire

• observe

• scan

• examine

an examination of written information to determine facts pertinent to the audit

• trace

• read

• scan

• compare