Chapter _4, Evidence - ACCY 360/560, Assurance Services...

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"Audit Evidence" Chapter #4 Substantive Tests Analytical Procedures Audit Perform “Tests of Planning Preliminary Control” and Auditor’s Report Activities Assessment of Re-assessment of Control Control Risk Risk Tests of Details (Ending Balances and/or Transactions) I. Some background comments regarding audit procedures A. Recall the 3 rd Standard of Field Work : “The auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit.” B. Auditor's 3 strategic variables (to “set” detection risk) – (1) Nature what specific procedures to perform; (2) Timing when to perform (interim or final); and (3) Extent how large should sample sizes be C. Substantive audit procedures directly related to F/S representations 1. Tests of details – 2 categories of “tests of details” a. Tests of ending balances verifying the composition of the year-end balance
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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Chapter _4, Evidence - ACCY 360/560, Assurance Services...

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