Audit Procedures PCAOB Assertions ASB Assertions a. Inspection of records or documents (vouching) b. Inspection of records or documents (tracing) c. Inspection of records or documents (scanning) d. Inspection of tangible assets e. Observation f. Confirmation g. Inquiry h. Recalculation i. Reperformance j. Analytical procedures
Audit Procedures PCAOB Assertions ASB Assertions a. Inspection of records or documents (vouching) b. Inspection of records or documents (tracing) c. Inspection of records or documents (scanning) d. Inspection of tangible assets e. Observation f. Confirmation g. Inquiry h. Recalculation i. Reperformance j. Analytical procedures
Audit Procedures PCAOB Assertions ASB Assertions a. Inspection of records or documents (vouching) b. Inspection of records or documents (tracing) c. Inspection of records or documents (scanning) d. Inspection of tangible assets e. Observation f. Confirmation g. Inquiry h. Recalculation i. Reperformance j. Analytical procedures
General Audit Procedures and Financial Statement Assertions. The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors’ choice of procedures. Required: Opposite each general audit procedure, write the management assertions most usefully audited by using each procedure.
Transcribed Image Text:Audit Procedures
PCAOB Assertions
ASB Assertions
a. Inspection of records or documents (vouching)
b. Inspection of records or documents (tracing)
c. Inspection of records or documents (scanning)
d. Inspection of tangible assets
e. Observation
f. Confirmation
g. Inquiry
h. Recalculation
i. Reperformance
j. Analytical procedures
Definition Definition Methods and techniques used by the auditor to gather the appropriate evidence so that a true and fair judgment can be made on the quality of the financial statements of the client. Audit procedures are developed after determining audit objectives, scope, approach, and risk assessment.
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