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23 Cards in this Set

  • Front
  • Back
Analytical Procedures
Use of comparisons and relationships to assess whether account balances or other data appear reasonable
Audit Documentation
The principal record of auditing procedures applied, evidence obtained, and conclusions reached by the auditor in the engagement
Audit Procedure
Detailed instruction for the collection of a type of audit evidence
Audit Program
List of audit proced. for an audit area or an entire audit; the audit program always includes audit proced. and may also include samples+items+tmg.
Competence of Evidence
Degree to which evidence can be considered belivable or worth of trust
Competence of Evidence (qualifications)
From a relative source, an independent provider, a client w/effective internal controls, the auditor's direct knowledge, qual. providers, obj. sources
The auditor's receipt of a written or oral response from an independent third party verifying the accuracy of information requested
The auditor's examination of the client's documents and records to substantiate the information that is or should be included in the financial statements
External Document
A document, such as a vendor's invoice, that has been used by an outside party to the transaciont being documented and that the client has/can obtain
The obtaining of written or oral information from the client in response to specific questions during the audit
Lead Schedule
An audit schedule that contains the detailed accounts from the general ledger making up a line item total in the working trial balance
The use of the senses to assess certain activities
Permanent Files
Auditors' files that contain data of a historical or continuing nature pertinent to the current audit such as copies of articles of inc., bylaws, bd.
Persuasiveness of Evidence
The degree to which the auditor is convinced that the evidence supports the audit opinion; the two determinants of persuasvns: competence+sufficiency of evid.
Physical Examination
The auditor's inspection or count of a tangible asset
Reliability of Evidence
The degree to which evidence can be considered believable or worthy of trust. Same as competence of evidence
The rechecking of a sample of the computations and transfers of information made by the client during the period under audit
Sufficiency of Evidence
The quantity of evidence; appropriate sample size
Supporting Schedules
Detailed schedules prepared by the client or the auditor in support of specific amounts on the financial statements
Tick Marks
Symbols used on an audit schedule that provide additional information or details of audit procedures performed
Unusual Fluctuations
Significant unexpected difference indicated by analytical procedures between the current year's unaudited financial data + data in compar.
The use of documentation to support recorded tansactions or amounts
Working Trial Balance
A listing of the general ledger accounts and their year-end balances