PROCEDIMIENTOS DE AUDITORÍA Flashcards
What is the primary purpose of audit procedures?
To obtain evidence about the assertions made by management in the financial statements.
True or False: Audit procedures are only necessary for financial audits.
False
Fill in the blank: The ____________ is responsible for establishing the overall audit strategy.
auditor
Which of the following is NOT a type of audit procedure? (A) Test of controls (B) Substantive tests (C) Risk assessment (D) Tax preparation
D
What are substantive procedures designed to do?
Substantive procedures are designed to detect material misstatements in financial statements.
True or False: Analytical procedures can only be used during the planning phase of an audit.
False
Short answer: Name one key element that affects the choice of audit procedures.
Risk assessment
What is the role of internal controls in audit procedures?
Internal controls help auditors assess the risk of material misstatement and determine the nature, timing, and extent of audit procedures.
Fill in the blank: ____________ procedures involve comparing financial information with expected results.
Analytical
What is the significance of materiality in audit procedures?
Materiality helps auditors determine the nature and extent of audit procedures based on the significance of misstatements.
True or False: Auditors can rely solely on external evidence when performing audit procedures.
False
Multiple choice: Which of the following is an example of a test of controls? (A) Confirming bank balances (B) Observing inventory counts (C) Calculating depreciation (D) Preparing financial statements
B
What type of audit procedure involves obtaining direct confirmation from third parties?
External confirmations
Fill in the blank: In audit procedures, ____________ refers to the risk that the auditor may not detect a material misstatement.
audit risk
Short answer: What is the purpose of risk assessment procedures?
To identify and assess risks of material misstatement.
Multiple choice: Which of the following is a factor that influences the extent of audit procedures? (A) The size of the company (B) The industry (C) The complexity of transactions (D) All of the above
D
True or False: The effectiveness of audit procedures is not influenced by the timing of their performance.
False
What is the purpose of follow-up procedures in an audit?
To ensure that previously identified issues have been resolved.
Fill in the blank: ____________ procedures are primarily designed to provide evidence about the accuracy of account balances.
Substantive
Short answer: What is the role of professional skepticism in audit procedures?
Professional skepticism helps auditors critically assess evidence and remain alert to conditions that may indicate possible misstatement.
Multiple choice: Which audit procedure is used to verify the existence of an asset? (A) Inspection (B) Recalculation (C) Inquiry (D) Observation
A
True or False: Audit procedures must be documented to provide evidence of their performance.
True
What is the primary difference between tests of controls and substantive tests?
Tests of controls assess the effectiveness of internal controls, while substantive tests aim to detect material misstatements directly.
Fill in the blank: ____________ is the process of evaluating the effectiveness of an entity’s internal controls.
Control testing
