Risk assessment procedures

Inspection of records or documents

Examining a record or document

Inquiry

Seeking information of knowledgeable persons within or outside the organization; inquiry may be oral or written

External confirmation

third party written response

Inspection of tangible assets

Physically examining an asset

Observation

observing a process being performed by the entity’s employees

Recalculation

mathematical accuracy

Reperformance

Independent execution of procedures or controls that were originally performed by the client

Analytical procedures

Evaluations of financial data through analysis of proportional relationships among financial and nonfinancial data

Scanning

scanning and identifying significant unusual items that will be tested often as part of analytical procedures