ACC 621 Lecture : Chapter 10.docx
6 Sep 2014
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Procedures (important: specific tasks performed to gather evidence, obtain a thorough understanding of the auditee and their objectives, risks and controls, test the design and effectiveness of the system"s internal controls, directly test financial and non financial information for errors and fraud, nature of audit procedures, type of tests used, different types of tests (provide varying levels of assurance, auditor must weigh costs versus benefits, manual versus computer assisted auditing techniques, extent of audit procedures, how much testing is needed, audit sampling (more on this later, you can"t test everything 100, timing of audit procedures, testing over a period of time, testing over a fiscal year and may test cut off (before and after year end, testing with caats over a period of time (say a month, period, year, manual audit procedures, inquiry: asking questions of auditee or third parties.
