ACCA AAA INT Syllabus D. Audit of Historical Financial Information - Procedures for obtaining evidence - Notes 2 / 9
Just remember A,E,I,O and U
So here's a reminder...
Analytical Procedures
Enquiry
Inspection
Observation
Re-calcUlation / Re-performance
Procedure | Meaning | Control test | Substantive test |
Analytical procedure | Exploring relationships between data | Comparing yearly gross margins | |
Enquiry | Getting confirmation from a 3rd party | Replies from a debtors circular | |
Inspection | Examining records | Signature as evidence | Getting title deeds to a property |
Observation | Looking at a process | Watching staff complete their attendance sheet | |
Re-calculation | Checking mathematical accuracy | Adding individual sales in the sdb to check the totals |
Previous
The Assertions Explained
Syllabus D. Audit of Historical Financial Information
D2. Evidence
Next up
Using Assertions
Syllabus D. Audit of Historical Financial Information
D2. Evidence