Session 5

Question 1

Audit Procedure
What is inspection of tangible asset

Answer 1

Physical examination of a tangible asset

Question 2

Audit Procedure
What is Inspection of records and documents

Answer 2

Examining internal or external documents or records that are in paper form, electronic form, or other media

Question 3

Audit Procedure
What is observation

Answer 3

The process of watching a process or procedure being performed by others

Question 4

Audit Procedure
What is inquiry

Answer 4

seeking information from knowledgeable persons within or outside the entity

Question 5

Audit Procedure
What is confirmation

Answer 5

Evidence received by the auditor in a direct written form, by a third party.

Question 6

Audit Procedure
What is recalculation

Answer 6

When you check the mathematical accuracy of the documents or records

Question 7

Audit Procedure
What is reperformance

Answer 7

When the auditor himself reperforms the procedure or process originally performed by the entity’s personel

Question 8

Audit Procedure
What are analytical procedures?

Answer 8

Evaluations of financial information made by a study of plausible relationships among both financial and non-financial data

Question 9

Audit Procedure
What is scanning?

Answer 9

Use judgment to review accounting data to find anything that is unusual or significant items to test

Question 10

Audit Procedure
What is vouching

Answer 10

Evaluations of financial information through source documentation from a third party

Question 11

Audit Procedure
What is tracing