What are the procedures to be used by auditors for obtaining the audit evidence?

Audit procedures to obtain audit evidence can include inspection, observation, confirmation, recalculation, reperformance and analytical procedures, often in some combination, in addition to inquiry.

What are the audit procedures to be performed by auditor to obtain audit evidence to draw reasonable conclusions on which he can base the audit opinion?

Audit procedures that are used to obtain audit evidence are various and are often applied in combination. They can include inspection, observation, confirmation, recalculation, reperformance and analytical procedures, in addition to inquiry, as the latter does not normally provide sufficient audit evidence on its own.

What are techniques for gathering evidence?

Techniques that could be used to gather testimonial evidence include: interviews, focus groups, surveys, expert opinions, and external confirmation. Documentary evidence is obtained from information and data found in documents or databases.

What kind of control procedure should the auditors recommend?

The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.

What specific procedures would you as the auditor use to obtain audit evidence about the design and implementation of the client’s internal control system?

The auditor can obtain audit evidence about the relevant controls’ design and implementation by observing the client applying the controls, inspecting documents and reports, or tracing transactions through the client’s financial reporting system.

Why do auditors gather evidence?

Auditing evidence is the information collected by an auditor to ascertain the accuracy and compliance of a company’s financial statements. The auditing evidence is meant to support the company’s claims made in the financial statements and their adherence to the accounting laws of their legal jurisdiction.

What are the types of audit procedures?

What are Audit Procedures?

• Classification testing. Audit procedures are used to decide whether transactions were classified correctly in the accounting records.
• Completeness testing.
• Cutoff testing.
• Occurrence testing.
• Existence testing.
• Rights and obligations testing.
• Valuation testing.