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10 Cards in this Set
- Front
- Back
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what are the four types of audit evidence? |
-physical information, testimonial information, documentary information, analytical information |
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what should be done with physical observation if it is the only info about a significant condition?
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it should be viewed by at aleast two internal auditors |
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what should be done with testimonial info?
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it should be supported by other info when possible
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what kind of info is the most reliable?
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external
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what is the most persuasive form of information?
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physical info |
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What kind of information are oral or written statements (e.g., letters to the internal auditor) derived from inquiries or interviews? |
testimonial information |
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What is a cutoff bank statement and what is it used for?
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a cutoff bank statement is showing transactions that an audit client’s bank account received in the 7- to 14-days after the end of the financial period.it is used for testing if outstanding transactions were recorded in the correct period
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What are the most persuasive procedures when assessing populations? |
- statistical sampling - analytical procedures |
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What is analytical information in the case of control? |
the particular policies and procedures of which the control is composed |
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how are the different types of information ranked by its persuasiveness? |
physical examination, externally prepared documents, observation, inquiry of management |
