Auditing 7

Front 1

Analytical Procedures

Back 1

Use of comparisons and relationships to assess whether account balances or other data appear reasonable

Front 2

Audit Documentation

Back 2

The principal record of auditing procedures applied, evidence obtained, and conclusions reached by the auditor in the engagement

Front 3

Audit Procedure

Back 3

Detailed instruction for the collection of a type of audit evidence

Front 4

Audit Program

Back 4

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.

Front 5

Competence of Evidence

Back 5

Degree to which evidence can be considered belivable or worth of trust

Front 6

Competence of Evidence (qualifications)

Back 6

From a relative source, an independent provider, a client w/effective internal controls, the auditor's direct knowledge, qual. providers, obj. sources

Front 7

Confirmation

Back 7

The auditor's receipt of a written or oral response from an independent third party verifying the accuracy of information requested

Front 8

Documentation

Back 8

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

Front 9

External Document

Back 9

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

Front 10

Inquiry

Back 10

The obtaining of written or oral information from the client in response to specific questions during the audit

Front 11

Lead Schedule

Back 11

An audit schedule that contains the detailed accounts from the general ledger making up a line item total in the working trial balance

Front 12

Observation

Back 12

The use of the senses to assess certain activities

Front 13

Permanent Files

Back 13

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.

Front 14

Persuasiveness of Evidence

Back 14

The degree to which the auditor is convinced that the evidence supports the audit opinion; the two determinants of persuasvns: competence+sufficiency of evid.

Front 15

Physical Examination

Back 15

The auditor's inspection or count of a tangible asset

Front 16

Reliability of Evidence

Back 16

The degree to which evidence can be considered believable or worthy of trust. Same as competence of evidence

Front 17

Reperformance

Back 17

The rechecking of a sample of the computations and transfers of information made by the client during the period under audit

Front 18

Sufficiency of Evidence

Back 18

The quantity of evidence; appropriate sample size

Front 19

Supporting Schedules

Back 19

Detailed schedules prepared by the client or the auditor in support of specific amounts on the financial statements

Front 20

Tick Marks

Back 20

Symbols used on an audit schedule that provide additional information or details of audit procedures performed

Front 21

Unusual Fluctuations

Back 21

Significant unexpected difference indicated by analytical procedures between the current year's unaudited financial data + data in compar.

Front 22

Vouching

Back 22

The use of documentation to support recorded tansactions or amounts

Front 23

Working Trial Balance

Back 23

A listing of the general ledger accounts and their year-end balances