Auditors use various audit procedures and techniques to obtain audit evidence needed to form an opinion on the financial statements. Some key procedures mentioned in the document include substantive procedures that test accuracy and validity, analytical procedures that analyze relationships in financial data, and common techniques like inspection of documents, observation, confirmation, recalculation, reperformance, and analytical procedures. The reliability of audit evidence depends on its source and nature, with internally generated evidence deemed more reliable when internal controls are effective, and evidence directly obtained by auditors seen as more reliable than indirect evidence.
Audit Evidence is one of the International Standards on Auditing. -It serves to expect the auditor to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances.
What are the common methods of collecting audit evidence? #learnauditing
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𝐕𝐢𝐬𝐢𝐭 𝐮𝐬
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3jZuZuI
Linkedin https://bit.ly/3sapf4l
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𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients
Website www.thks.com.my
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THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
Audit Evidence is one of the International Standards on Auditing. -It serves to expect the auditor to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances.
What are the common methods of collecting audit evidence? #learnauditing
Read the full story in our blog
https://lnkd.in/g-9NjszJ
𝐕𝐢𝐬𝐢𝐭 𝐮𝐬
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3jZuZuI
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn
𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
Practical approach to auditing is a presentation intended to help new auditors to quickly grab the skills and approach to audit engagements. The material touched on the attributes of auditors, audit planning, work programmes, audit journaling, working papers, audit test procedures, compliance and substantive test, elements of an audit report, file referencing etc..
Practical approach to auditing is a presentation intended to help new auditors to quickly grab the skills and approach to audit engagements. The material touched on the attributes of auditors, audit planning, work programmes, audit journaling, working papers, audit test procedures, compliance and substantive test, elements of an audit report, file referencing etc..
Audit company - Audit for companies - PKC Management ConsultingPKCIndia2
An audit company is usually hired to perform the audit process. The auditor will work closely with the company's finance team to review financial statements, internal controls, and other relevant documents. we will provide an overview of how audits work, including the different stages and levels involved in the process. Whether you are a business owner or a professional looking to learn more about auditing practices, this article will serve as a useful guide. In conclusion, PKC Management Consulting is a reputable audit company that offers comprehensive and efficient auditing services for companies of all sizes. With their team of experienced auditors and consultants, they provide valuable insights and recommendations to improve business operations and financial management. Their commitment to integrity, professionalism, and customer satisfaction sets them apart in the industry. If you're looking for an audit partner that can help you achieve your business goals, PKC Management Consulting is the right choice. Contact them today to learn more about their services and how they can add value to your organization.
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This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
3. Audit Procedure
• Steps performed by auditors to get all the information regarding
the quality of the financials provided by the company, which
enable them to form an opinion on financial statement whether
they reflect the true and fair view of organization financial
position.
• They are identified and applied at the planning stage of the audit
after determining audit objective, scope, approach, and risk
involved.
4. Audit Procedure Methods
Substantive Audit Procedures:
• Substantive procedures are processes, steps, tests performed
by auditors
• Creates conclusive evidence regarding accuracy,
completeness, existence, disclosure, rights, or valuation of
assets/ liability, books of accounts or on financial statement.
5. Analytical Audit Procedures:
• Analytical procedures can be defined as tests/ study/
evaluations of financial information through analysis of
plausible relationships among both financial and non-
financial data.
• In simple language, certain checks/tests conducted by
auditor based on study/ knowledge/ previous year figures to
check and form an opinion on financial statements.
Depending on the audit area, the analytical audit procedure
may differ.
6. Types of Audit Procedures
• Inspection: Inspection is the most commonly used method. Under this
auditor checks every transaction/ document as against written steps,
procedures so as to ensure accuracy.
• Observation: Under this technique of audit, the auditor usually tries to
inspect others doing performing a particular process. For e.g. an
auditor may observe steps followed in processing GRN against goods
purchased.
• Confirmation: This type is applied to ensure the correctness of
financial statement either from internal sources within auditee
organization or from external sources.
• Recalculation: Under this audit method, the auditor usually crosses
checks information presented by the client. This is generally used in
case of checking mathematical accuracy.
• Re-performance: Using this procedure, the auditor re-perform entire
process is performed by the client so as to find out gaps, audit findings,
etc.
7. Reliabilityon audit evidence standard500
• A31. The reliability of information to be used as audit
evidence, and therefore of the audit evidence itself, is
influenced by its source and its nature, and the circumstances
under which it is obtained, including the controls over its
preparation and maintenance where relevant.
• Therefore, generalizations about the reliability of various kinds
of audit evidence are subject to important exceptions.
• Even when information to be used as audit evidence is
obtained from sources external to the entity, circumstances
may exist that could affect its reliability.
8. While recognizing that exceptions may exist, the following
generalizations about the reliability of audit evidence may be useful:
• The reliability of audit evidence is increased when it is obtained from
independent sources outside the entity.
• The reliability of audit evidence that is generated internally is
increased when the related controls, including those over its
preparation and maintenance, imposed by the entity are effective.
• Audit evidence obtained directly by the auditor (for example,
observation of the application of a control) is more reliable than
audit evidence obtained indirectly or by inference (for example,
inquiry about the application of a control).
• Audit evidence in documentary form, whether paper, electronic, or
other medium, is more reliable than evidence obtained orally (for
example, a contemporaneously written record of a meeting is more
reliable than a subsequent oral representation of the matters
discussed).
9. AUDIT TECHNIQUES---SA 500
• Audit techniques stand for the methods that are adopted by
an auditor to obtain evidence.
• Audit evidence – Information used by the auditor in arriving at
the conclusions on which the auditor’s opinion is based.
• Audit evidence includes both information contained in the
accounting records Underlying the financial statements and
other information.
• Appropriateness (of audit evidence) – The measure of the
quality of audit evidence; that is, its relevance and its
reliability in providing support for the conclusions on which
the auditor’s opinion is based.
10. Inspection of Records
• Internal or external documents in paper form, electronic
• form, or other media forms
• Two issues:
• Reliability of records or documents
• Internal & external documents
• Relationship to specific assertions
o Occurrence and completeness assertions
o Direction of testing
11. Observation
• Procedures performed by others
• Processes that do not leave an audit trial
• Ex: entities personnel & control activities
• Limitations:
• Point in time
• Unreliable
12. Inquiry
• Consists of seeking information of knowledgeable
persons throughout the entity or outside the entity Helps
to identify the outside environment
• An inquiry alone does not provide sufficient audit
evidence
• Can be very informal
13. Confirmation
• The process of obtaining information directly from a third party
• Must be written requests from the third party
• Helps provide reliable evidence of existing assets
• Example: an auditor can send a confirmation to a consignee to
verify that a client’s inventory has been cosigned
14. Recalculation
• Checking the mathematical accuracy of documents or records
• May use electronic file forms
• Includes reconciling subsidiary ledgers and testing postings from the
journal ledgers
• Since the auditor calculates this evidence it is viewed as reliable
15. Reperformance
Definition in AU 326.39: “Reperformance is the auditor's
independent execution of procedures or controls that
were originally performed as part of the entity's internal
control, either manually or through the use of CAATs*, …”
• Example: Re-performing the aging of accounts receivable
• Highly reliable audit procedure since the independent auditor creates the evidence
16. Analytical procedure
• Definition in SAS No. 56: “For the purposes of generally
accepted auditing standards, the term analytical procedures
means evaluations of financial information through analysis of
plausible relationships among both financial and nonfinancial
data.”
• Auditor compares special data with the financial data and
attempts to gather evidence by examining the plausibility of
the results
Examples:
• Comparing revenue and costs of materials of different
financial years
• Comparing personnel costs and the number of employees of
different financial years
17. Relevance and Reliability
• Relevance deals with the logical connection with, or bearing
upon, the purpose of the audit procedure and, where
appropriate, the assertion under consideration. The relevance
of information to be used as audit evidence may be affected
by the direction of testing.
• The reliability of information to be used as audit evidence, and
therefore of the audit evidence itself, is influenced by its
source and its nature, and the circumstances under which it is
obtained, including the controls over its preparation and
maintenance where relevant.