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9 Cards in this Set

  • Front
  • Back
Analytical Procedures
Use of comparisons and relationships to assess whether account balances or other data appear reasonable
Evidence Mix
The combination of the five types of tests to obtain sufficient competent evidence for a cycle; likely to have var. in mix depend. on circ. of audit
Phases of the Audit Process
Plan and design an audit approach; Perform tests of controls+trans.; Perform analytical proced.+tests of bal; Complete audit + issue report
Procedures to Obtain an Understanding of Internal Control
Procedures used by the auditor to gather evidence about the design and placement in operation of specific controls
Substantive Tests
Audit procedures designed to test for dollar (monetary) misstatements of financial statement balances
Substantive Tests of Transactions
Autid procedures testing for monetary misstatements to determine whether the 6 trans. related audit objectives have been satisfied for each class/T
Tests of Controls
Audit procedures to test the effectiveness of controls in support of a reduced assessed contorl risk
Tests of Details of Balances
Audit procedures testing for monetary mistmts. to determine whether the 9 Bal-related audit objs. have been satisfied for each sig. acount balance
Types of Tests
The five categories of audit tests auditors use to determine if FS are fairly stated: Proced. unstd. of IC; Tests of C; Sub. tests of Trans; Analy. Proced