Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis. Below are the hypotheical data inserted by Tom: Transaction Beginning inventory Purchase, day 1 Sale, day 2 Purchase, day 3 Sale, day 4 Units 10 5 6 8 Cost per unit $10 $11 $12 The computer program returned the following ending inventory values: FIFO perpetual, $96 $80 Moving average, $88 LIFO perpetual,

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A: Audit evidence are the evidence an auditor collects while doing procedures to reach on a conclusion.

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A:

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A:

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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.