Auditing - Tracing vs Vouching

The video tutorial explains two auditing methods: tracing and vouching. Vouching involves tracking a transaction from the journal to the source document to verify its existence and occurrence. Tracing, on the other hand, follows a transaction from the source document to the journal to ensure completeness. Both methods are essential in auditing to confirm that transactions are real and all are recorded. A mnemonic using the first letters of 'vouching' and 'tracing' as arrows helps remember their directions and purposes.

What assertion does tracing test in the auditing process?

Describe a mnemonic to remember the difference between vouching and tracing.