Audit Procedures

Inquiry

An evidence-gathering procedure that involves asking questions to gain an understanding of various matters throughout the audit

Inspection

An evidence-gathering procedure that involves examining documents and physical assets

Inspection (Vouching)

a type of inspection in which auditors select transactions from a journal or ledger and work backward to examine the underlying source documents

Inspection (Tracing)

Type of inspection in which auditors select source documents and work forward to follow the transaction through to recording in the journal ledger; tracing provides evidence for the completeness assertion

Observation

An evidence-gathering procedure that involves watching a process or procedure being carried out by client personnel or another party

Analytical procedures

Evaluations of financial information through analysis of plausible relationships among both financial and nonfinancial data

Reperformance

Involves the independent execution of procedures or controls that were originally performed by client personnel

Confirmation

A procedure in which the auditor corresponds directly with a third-party, eithe rin paper or electronic form, and the third-party responds directly to the auditor on the matter(s) included in the confirmation

Scanning

Type of analytical procedure in which auditors use their professional judgment to review accounting data to identify unusual or significant items to examine further

Recalculation

An audit procedure that involves checking the mathematical accuracy of documents or records

ADA (Audit Data Analytics)

Use a variety of automated tools to assist with performing audit procedures