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9 Cards in this Set
- Front
- Back
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Analytical Procedures
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Use of comparisons and relationships to assess whether account balances or other data appear reasonable
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Evidence Mix
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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
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Phases of the Audit Process
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Plan and design an audit approach; Perform tests of controls+trans.; Perform analytical proced.+tests of bal; Complete audit + issue report
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Procedures to Obtain an Understanding of Internal Control
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Procedures used by the auditor to gather evidence about the design and placement in operation of specific controls
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Substantive Tests
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Audit procedures designed to test for dollar (monetary) misstatements of financial statement balances
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Substantive Tests of Transactions
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Autid procedures testing for monetary misstatements to determine whether the 6 trans. related audit objectives have been satisfied for each class/T
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Tests of Controls
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Audit procedures to test the effectiveness of controls in support of a reduced assessed contorl risk
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Tests of Details of Balances
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Audit procedures testing for monetary mistmts. to determine whether the 9 Bal-related audit objs. have been satisfied for each sig. acount balance
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Types of Tests
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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
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