Classification of audit procedures
What are the classification of audits?
Specific Audit − Cash audit, Cost audit, Standard audit, Tax audit, Interim audit, Audit in depth, Management audit, Operational audit, Secretarial audit, Partial audit, Post & vouch audit, etc.
What are the two types of audit procedures?
While it varies from case to case, typically two types of audit procedures are used: substantive and analytical procedures.
What are the three categories of audit procedures?
There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.
What is classification of audit working papers?
Classification of Working Papers
There are two categories of working papers − Permanent Papers and Administrative Papers.
What are the 5 audit procedures?
The Five Types of Testing Methods Used During Audit Procedures
- Inquiry.
- Observation.
- Examination or Inspection of Evidence.
- Re-performance.
- Computer-Assisted Audit Technique (CAAT)
How many types of audit procedures are there?
It is mainly of two types – substantive and analytical procedures. Depending on risk assessment, the auditor applies audit procedures.
What are audit procedures?
An audit procedure is a technique for collecting and analysing data to provide evidence. The audits should use combination of procedures that are appropriate to the subject matter and audit objective and capture a range of data. Performance audit. Planning.
What are types of working papers?
While there are many different types of working papers, three of the most common are interview summaries, worksheets, and reperformance documents. Each of these working papers document a different type of audit evidence and test, but all should include some basic information.
What is audit file and its types?
1. Permanent Audit File:A Permanent Audit File is one which contains all those papers, documents and information which are used for long run and which are used by the auditor every year. 2. Current Audit File:Current Audit File includes all those documents,papers,schedules,etc.
What are the main audit procedures?
Typically, five types of audit procedures are normally used by auditors to obtain audit evidence. Those five audit procedures include Analytical review, inquiry, observation, inspection, and recalculation.
What is a substantive audit procedure?
Substantive procedures in auditing are processes or methods that auditors use in order to find or prevent miscalculations in financial records. Substantive procedures often provide a record of some financial activity that alerts professionals that the activity is happening and documents it for further review.
What is the difference between audit procedures and substantive procedures?
An audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise tests of details (of classes of transactions, account balances and disclosures) and substantive analytical procedures.
What do you mean by audit procedures?
An audit procedure is a technique for collecting and analysing data to provide evidence. The audits should use combination of procedures that are appropriate to the subject matter and audit objective and capture a range of data. Performance audit. Planning.
What are the three main types of substantive procedures?
The three types of substantive tests are analytical procedures, a test of details of transactions, and tests of details of balances.
What are the 6 audit procedures?
There are six specific steps in the audit process that should be followed to ensure a successful audit.
- Requesting Financial Documents. …
- Preparing an Audit Plan. …
- Scheduling an Open Meeting. …
- Conducting Onsite Fieldwork. …
- Drafting a Report. …
- Setting Up a Closing Meeting.