A type of substantive procedure which involves analyzing data and expected relationships to draw conclusions

The information used in your audit is trustworthy

Risks that relate to specific financial statement accounts, disclosures and assertions

Involves obtaining evidence to evaluate whether the control was performed consistently throughout the period by individuals with the necessary authority and competence

There is a logical connection, or relationship, between the information and the objective of the procedure being performed

Auditor obtains evidence in order to determine whether the amounts and disclosures in the financial statements are presented fairly in accordance with the accounting standards

The data entered in the system is complete, it exists and it’s accurate

All the documented audit procedures used to form the population on the financial statements

A type of substantive procedure which involves obtaining audit evidence to support individual transactions, such as inspecting an invoice or contract

Sufficient appropriate audit evidence is obtained to reduce audit risk to an acceptably low level, enabling the auditor to draw reasonable conclusions to form their audit opinion through applying due professional care

The data in the system is not inappropriately altered during processing, while in storage, or when transferred from one system to another

A risk that could result in a misstatement to the financial statements

A point in the entity’s process that a misstatement could, individually or in aggregate, yield a material misstatement to the financial statements

Risks that relate pervasively to the financial statements as a whole

The risk that an entity’s controls will fail to prevent or detect a material misstatement on a timely basis

Present when a control does not operate consistently as designed

Events or conditions that indicate an incentive or pressure to commit fraud, an opportunity to commit fraud or an attitude or rationalization that justifies the fraudulent action

Any entry made directly within the general ledger systems that are used to record transactions, allocations, adjustments and corrections