L10 Notes_Part_2 - Segmenting the audit divides the audit...

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Overall Objective State an independent, expert opinion on the fairness of the financial statements Management’s Assertions (See slide 5) Auditor’s Objective: Support validity of management’s assertions Evidence 1) What type 2) How much? 3) When? Types of Tests 1) Understanding IC 2) Tests of Control 3) Substantive Test of Transactions 4) Analytical Review Procedure 5) Detailed Tests of Balances Audit Program
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Cycle Concept
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Unformatted text preview: Segmenting the audit divides the audit into manageable parts, aids work assignment, and takes advantage of the dependency of certain accounts. A. Approaches to auditing 1. analytical v. intuitive, holistic, gestalt 2. number crunching v. cycle approach 3. relationships among cycles Structure along the lines of the special journals. EX: Purchased a $200,000 printing press. Which A/C's are likely to be affected?...
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L10 Notes_Part_2 - Segmenting the audit divides the audit...

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