Exercise 4.1-A.pdf - Session 4.1 Execute Audit Tests...

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Session 4.1: Execute Audit Tests Exercise Seminar on Financial Audit Manual Page 1 Exercise 4.1-A “Identifying Substantive Procedures and Tools for Obtaining Audit Evidence”Objective: The objective of this exercise is to allow the participants to identify applicable substantive procedures, tools for obtaining audit evidence and the different audit evidence necessary to support the observation of the auditor given the different conditions/risks. Time Required: Individual Reading 10 minutes Group work 30 minutes Discussion in plenary 35 minutes Total Time 75 minutesInstructions: 1.Identify the management assertions affected under each of the given conditions in column 1. 2.Put a checkmark on the column of the audit procedure appropriate for each type of transaction in column 1 3.Indicate in column 4 the appropriate audit tools for obtaining audit evidence. You can choose from any of the following tools: a)Inspection or observation b)Evaluation of records c)Interviews/inquiries/confirmation d)
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