Evidence Flashcards
1
Q
What is the most reliable audit evidence
A
The original document
2
Q
What are substantive procedures
A
Testing the numbers, detects material misstatement at an assertion level
3
Q
What are tests of controls
A
Procedures to test the effectiveness of the internal controls
4
Q
What is the audit procedures acronym
A
AEIOU
Analytical procedures
Enquiry
Inspection
Observation
recalcUlate
5
Q
What assertions relate to P&L
A
PACCCO
Presentation
Accuracy
Classification
Cut off
Completeness
Occurrence
6
Q
What assertions relate to balance sheet
A
PACCER
Presentation
Accuracy and valuation
Classification
Cut off
Existence
Rights and obligations
7
Q
What are the 5 sampling methods
A
Random
Haphazard
Monetary unit sampling
Systematic
Block
8
Q
A
