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Auditing SP 2008 CH 7 Outline

Auditing and Assurance Services (12th Edition)

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CH 7 AUDIT EVIDENCE AUDIT RISK (ISSUE MATERALLY MISSTATED F/S) VS. AUDIT EVIDENCE YOU REDUCE AUDIT RISK BY GATHERING SUFFICIENT COMPETENT EVIDENCE (3 RD STD OF FIELDWORK) SEE PG 173 - AUDIT EVIDENCE DECISIONS PERSUASIVENESS & RELIABILITY OF AUDIT EVIDENCE SUFFICIENCY OF AUDIT EVIDENCE (RELATIONSHIP W MATERIALITY) AUDIT PROCEDURES *OBTAIN AN UNDERSTANDING OF THE CLIENT, THE INDUSTRY & ENVIRONMENT ETC…(Inherent risk) * OBTAIN AN UNDERSTANDING OF THE I/C’S * DESIGN AND PERFORM TESTS OF CONTROLS * DESIGN SUBSTANTIVE TESTS TO SUPPORT F/S ASSERTIONS (ANALYTICAL REV / TESTS OF TRANSACTIONS / TESTS OF ENDING F/S BALANCES)
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Unformatted text preview: POTENTIAL CHOICES OF AUDIT PROCEDURES SEE PG 186 TABLE 7-6 AUDIT PROGRAM / WORKING TRIAL BALANCE /WORKPAPERS FOUR AUDIT EVIDENCE DECISIONS NEEDED TO CREATE AN AUDIT PROGRAM.-WHICH AUDIT PROCEDURES TO USE (INSTRUCTIONS)-WHAT SAMPLE SIZE TO USE - WHEN TO PERFORM PRO -WHICH ITEMS TO SELECT FROM SAMPLE SIZE HIERARCHY OF RELIABILITY OF EVIDENCE (SEE TABLE 7-4 PAGE 183) PHYSICAL EVIDENCE CONFIRMATION EXTERNAL DOCUMENTATION RECALCULATION REPERFORMANCE INTERNAL CONTROL DOCUMENTATION OBSERVATION ANALYTICAL REVIEW PROCEDURES INQUIRIES OF CLIENT BROAED ANALYTICAL REVIEW PROCEDURES...
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