Audit Procedures Flashcards
1
Q
Inspection
A
examining docs, records, tangible assets
2
Q
Observation
A
observing a process or procedure
3
Q
Inquiry
A
(written or oral) with a knowledgeable source
4
Q
confirmation
A
(written, electronic, or oral) response from a 3rd party
5
Q
recalculation
A
checking mathematical accuracy (highly reliable because auditor created)
6
Q
reperformance
A
auditor reperforms procedure or control
7
Q
analytical procedures
A
plausible relationships among financial and nonfinancial data
8
Q
scanning
A
auditor review of accounting data to identify unusual or significant items to test
9
Q
test of controls:
A
inquiries inspection (docs, files) observations (process, application of control) walk-throughs reperformance of the control
