Auditing test 1 quizlet

  • How do you pass an audit?

    When preparing for an audit, taking the following steps can help you have a smooth journey and successful outcome:

    1Develop a project plan.
    2) Perform a risk assessment.
    3) Design and implement controls.
    4) Document your work.
    5) Conduct an audit readiness assessment..

  • What is a test of one in audit?

    8 'Tests of one' involve situations in which auditors believe that systems have not changed and a control is automated.
    The argument is that if the control works at all, it works every time, so testing it once should be enough.
    However, controls may have flaws that only give rise to an error in specific circumstances..

  • What is the most expensive audit test?

    Analytical procedures are the most expensive type of audit test to perform because of the expertise and training required to properly use them.
    The results of tests of controls and substantive tests of transactions affect the design of tests of details of balances..

  • Audit Procedure: 9 Types of Testing Methods You Need to Know

    Inquiry:Observation:Examination:Computer-Assisted Audit Technique:Audit Analytical Procedure:Inspection of Assets:Recalculation:Confirmations:
  • Examination or inspection—auditors determine if controls are really operational, using existing documentation and logs.
    For example, a test of controls can involve visiting a secured facility and ensuring that doors are locked and equipped with access control devices.
  • Extent of an audit procedure refers to the quantity to be performed, for example, a sample size or the number of observations of a control activity.
  • First-year audits include all of the standard procedures required for all audits in order to gain an understanding of the company's financial situation, but there are also additional procedures the auditors must perform.
  • There are seven types of audit procedures, and the purpose of the procedure typically dictates which one is used: Inspection.
    Auditors collect evidence by inspecting physical assets, records, or documents.
    Observation.
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