Audit Evidence

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Author:
jessyco
ID:
14817
Filename:
Audit Evidence
Updated:
2010-04-16 19:04:13
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Description:
Auditing
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  1. Source of Evidence to Cash Handling & Internal Controls
    • Bank transfer schedules
    • Bank confirmations
    • Bank reconciliations
    • Cutoff bank statements
  2. Expenditure Cycle - Purchase
    • Purchase (A)
    • Requisitioning Dept (A)
    • Receiving (C)
    • A/P (R)
    • Treasurer (R)
  3. Revenue Cycle - Collections
    • Mailroom (C)
    • Cashier (C)
    • A/R (R)
    • Accounting (R)
  4. Revenue Cycle - Sales
    • Sales (A)
    • Credit (A)
    • Treasury (A)
    • Shipping (C)
    • Billing (R)
    • Accounting (R)
  5. Report Release Date vs. Documentation Completion Date
    • Public Co. + 45 days
    • Private Co. + 60 days
  6. Types of Audit Evidence
    Underlying Accounting Records: initial entries and any supporting records (Tests through analytical procedures & substantive tests)

    • Corroborating Evidence: includes minutes of meetings, confirmations
    • (Obtained through observation, inquiry, and inspection; Gives validity to the recorded accounting data)

    Evidence in Electronic Form: may not be retrievable indefinitely
  7. Evidence Hierarchy (Reliability of Evidence) - AEIO"U"
    • Auditor observation & knowledge
    • External evidence
    • Internal evidence
    • Oral evidence
    • U know it!
  8. Substantive Procedures
    Evaluate mgt. assertions; Detect material mistatement
    Inspection, Observation, Inquiry, Confirmation, Recalculation, Reperformance
    • Test of Details: 1. Performed on ending balances
    • 2. The details of transactions
    • 3. Combo of the two
    • Analytical Procedures
  9. 11 Standard Auditing Procedures (FIVE CARROTS)
    • Footing, crossfooting, recalculation
    • Inquiry
    • Vouching
    • Examination/Inspection
    • Confirmation
    • Analytical procedures
    • Reperformance
    • Reconciliation
    • Observation
    • Tracing
    • Subsequent event review

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