Performing Audit Procedures & Evaluating Evidence Flashcards
How do we perform audit procedures and evaluate evidence?
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How do we develop overall responses to risks?
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How do we develop overall responses to risks identified and use the risks of material misstatement to drive the nature, timing, and extent of further audit procedures?
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How do we document significant risks identified?
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How do we document related controls evaluated?
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How do we document overall responses to address assessed risks?
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How do we determine and document performance materiality?
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How do we determine and document levels of tolerable misstatement?
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How do we perform audit procedures responsive to risks of material misstatement?
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How do we obtain and document evidence to form a basis for conclusions?
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How do we design and perform audit procedures whose nature, timing, and extent are responsive to the assessed risk of material misstatement?
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How do we perform integrated audits: internal control over financial reporting and the financial statements?
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How do we design and perform testing of controls to accomplish the objectives of both audits simultaneously?
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How do we design, perform, and document tests of controls to evaluate design effectiveness?
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How do we design, perform, and document tests of controls to evaluate operating effectiveness?
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How do we perform substantive procedures?
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How do we perform audit sampling?
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How do we perform analytical procedures?
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How do we confirm balances and/or transactions with third parties?
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How do we examine inventories and other assets?
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How do we perform other tests of details, balances, and journal entries?
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How do we perform computer-assisted audit techniques (CAATs)?
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What is a data query?
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What is data extraction and analysis?
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How do we perform tests on unusual year-end transactions?
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How do we perform audits in accordance with international standards on auditing (ISAs) or auditing standards of another country?
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How do we determine if differences exist and whether additional audit procedures are required?
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How do we evaluate contingencies?
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What are contingencies?
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How do we obtain and evaluate lawyers’ letters?
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How do we review subsequent events?
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How do we obtain and place reliance on representations from management?
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How do we identify material weaknesses?
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How do we identify significant deficiencies?
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How do we identify other controls deficiencies?
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