Instructions In not less than five sentences, choose ONE FS item and explain what kind of audit procedure the auditor should do to address its corresponding FS assertion.

Q: Identify three different diagnostic analytics that are used in an audit setting and describe how…

A: When used in the context of an audit, the term "diagnostic analytics" refers to the process of…

Q: 6. Input validation checks (application controls) are applied to every bill…

A: Management assertions are made by members of the management. In order to rely on these claims, the…

Q: Describe FOUR matters that an auditor needs to keep in mind when considering how useful the…

A: According to para 4 of INTERNATIONAL STANDARD ON AUDITING 520, "Analytical procedures are the…

Q: During substantive procedures, performing analytical procedures satisfies which primary audit…

A: Substantive Procedures Inspection techniques or strategies used to identify or avoid errors in…

Q: uring the planning stage, an audit planning memo will consist of these four main steps: i) Risk…

A: Audit is very important in the accounting of the company but there are different steps required for…

Q: Population is the set of accounts or transactions from which the auditor intends to draw a…

A: Population is the Complete Set of Data from which the Auditor can use the complete data or can…

Q: (Audit) Name the eight types of evidence and explain what they are.

A: Audit Evidence is an information obtained & recorded by the auditor in arriving at the…

Q: Analytical procedures are a critical part of audit work. Describe at least three different…

A: The audit process includes analytical techniques, which involve evaluating financial data by looking…

Q: List the seven parts of a standard unqualified audit report and explain the meaning of each part.…

A: The audit report is a type of document that is issued by the auditor to describe whether the…

Q: our controls. (Present the answer in three columns, headed “Risk”, “Control” and

A: This commonplace establishes necessities concerning the method of characteristic and assessing risks…

Q: d) Name the four types of tests auditors normally perform in an audit after risk assessment is done.

A: Auditors are the persons who are responsible for review and examination of books of account of…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.