Audit Procedures | 8Types Of Audit Procedures

 The auditor obtains audit evidence to draw sensible conclusions to express an audit opinion on financial statements by performing audit processes.

Audit Procedures | 8Types Of Audit Procedures

1. Inspection of records

Consist of examining record documents of tangible assets.
2. Observation
Tracking Monitoring includes studying a process or process being done by other people..
3. Inquiry 
An inquiry is made up of searching for information from an educated individual inside or outside the entity. Inquiries may range from written inquires addressed to third parties to informal oral inquires addressed to persons inside the entity.
4. Inspection of Tangible Assets
Inspection of Tangible Assets is made up of physical evaluation of their resources. 
5. Confirmation
Confirmation consists of the response to an inquiry to corroborate information contained in the accounting records.
For example, the auditor seeks direct verification of receivables by communicating with debtors.
6. Recalculation
Recalculation means arithmetical manipulation of the data and includes additional subtraction, multiplication, and division.
7. Reperformance
Reperformance is your auditor's independent implementation of controls or procedures Which Were initially performed as part of the entity's internal management.
8. Analytical Procedures
Analytical Procedures consist of this analysis of important ratios and trends such as the consequent evaluation of changes and connections which are inconsistent with additional pertinent info or detract from predicted quantities.
Tags: Types Of Audit Procedures, 8 eight procedures, methods of obtaining audit evidence, 


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