Pre-planning

(Blank Space by Taylor Swift)

[Verse 1]
Nice to meet you
Where you been?
I can show you how to audit
Ob-serve e-thics, and I find,
Integrity and I thought oh my god
Look at that face, you look like my next client
Con-ti-nue, or ac-cept
New client, eval-u-ate
If were even independent,
Under-standing-of the-terms
You should read the engagement letter
So hey, let's audit
I'm dying to see your assertions
Grab your FS, and lets start
We could make them credible just for a weekend
[Pre-Chorus]
And now we can start the planning
Obtain knowledge of industry
Preliminary assessment
of risk and materiality
Then develop a strategy
And add a detailed approach
You know you have to consider
internal control!
[Chorus]
Performing Substantive Tests
Then completing the audit,
Issuing a report,

and communicating it
To the long list of the users
They'll tell you theyre shocked
cause I got a blank space baby
and youre qualified.

Costume
Dannah: Formal (Dress, Heels)
Art: Formal (Sleeves, Slacks, Black shoes)
Props
Laptop
Papers
Food

IC (Internal Control)
(Breakfree by Ariana Grande)
[x2:]

Plus communication systems

Control activities also included

This is the part when I say I will check the

Monitoring is the last one

Design and effectiveness

Remember that these five are essential

This is the time to evaluate

All your internal controls
[x2:]
This is the part when I say I will check the
Five components, listen

Design and effectiveness

CRICM is the key word

This is the time to evaluate

Control environment, risk assessment

All your internal controls

Information systems, yeah

Costume
Maong Pants and Tatak JPIA Shirt
Any shoes wag lang wedge, doll shoes, heels and leather shoes, in short rubber shoes!

Audit Sampling
(Oppa Gangnam Style by Psy)
Audit Evidence
Evidence
And now for the evidence that we have gathered
You know there are three means of selecting items for testing
First is select all items, 2nd is specific testing
And the third is audit sampling

What are the risks?

Yeah, there are two risks that material error may occur
Sampling risk are uncertainties related to sampling
Non-sampling risk those arising from unrelated to sampling
What do I choose?
It all depends on the circumstances
Are you ready? HEY lets do this. HEY!
It all depends on the circumstances
Are you ready? HEY lets do this. HEY!
Everybody stand up and lets gatherrrrrrr
Audit Evidence
Evidence
Au, Au, Au, Au
Audit Evidence
Evidence
Au, Au, Au, Au
Audit Evidence
Eh, Audit Sampling
Au, Au, Au, Au
Audit Evidence
Eh, Audit Sampling
Au, Au, Au, Au
Eh-eh-eh, eh-eh-eh
They are two general approaches to audit sampling

First is statistical sampling, a mathematically derived tool

Second in Non-Statistical sampling, an auditor derived tool
A lot of things to consider
Now for samples
Random Sampling, columns and rows of randomly generated digits
Systematic Sampling selecting nth item from a sequential ordered items
Haphazard Sampling selecting without reason and bias
What do I choose?
Costume
Erica: Sunglasses, White Shirt, Blazer/Coat
Others: Maong Pants and Tatak JPIA Shirt, Cap
Any shoes wag lang wedge, doll shoes, heels and leather shoes, in short rubber
shoes!
Props
Food