Source Documentation

Question 1

Management Calculation

Answer 1

A calculation which will have components arithmetically placed together. The components naturally have underlying documentation to support them/

Question 2

Meeting with management

Answer 2

To talk about key assumptions

Question 3

Source data

Answer 3

A very general term if there is no specific word for the document, but do mention the information you will extract from it (the exam scenario can tell you it already and its just verification)

Question 4

Analytical review

Answer 4

Could be comparison with previous years, to confirm consistency of approach and methodology.

Question 5

Evaluation of key assumptions

Question 6

Independent auditor point estimate

Question 7

Auditor expert work

Question 8

Provision schedule

Answer 8

For arthmetic accuracy, and for reconciling to opening and closing figures in draft financial statements and general ledger.

Question 9

Notes of financial statements

Answer 9

This is where extra disclosures for everything are put in place.