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DOCUMENTATION
1
AUDIT EVIDENCE
• All of the information used by the auditor in arriving at
the conclusions on which the audit opinion is based.
• Audit evidence includes the information contained in
the accounting records underlying the financial
statements and other information:
• Minutes of meetings
• Confirmations from third parties
• Analysts’ reports
• Comparable data (benchmarking)
• Information obtained by the auditor from audit procedures
2
QUALITY OF EVIDENCE
• External
• Entity
• Auditor
• Written
• Original
3
AUDIT PROCEDURES
• Inspection of Assets
• Inspection of Documentation
• Observation
• Inquiry
• Confirmation
• Recalculation
• Re performance
• Analytical Procedures
4
MEANS OF TESTING
• Selecting all items (100% examination)
• Selecting specific items
• High value or key items
• All items over a certain amount
• Items to obtain information
• Items to test control activities
• Audit sampling
• The application of audit procedures to less than
100% of items within a class of transactions or
account balance such that all sampling units
have a chance of selection.
• Sample selection methods:
– Computerized random selection
– Systematic selection
– Haphazard selection
– Block selection 5
FACTORS INFLUENCING SAMPLE SIZE
6
AUDIT DOCUMENTATION
Purpose
• Enable auditor to ensure adequate completion of work
• Provide details of work done for future reference
• Assist in planning and control of future audits
• Encourage methodological approach and quality
Working Papers
• The material prepared, obtained and retained by auditor
in connection with performance of the audit
• Working papers may be in the form of data stored on
paper, film, electronic media or other media.
Audit Programs
• Include the nature, timing and extent of audit procedures
to be performed by audit team members
• Obtain sufficient appropriate audit evidence to reduce
audit risk to an acceptably low level
7
AUDIT DOCUMENTATION
• Engagement letter
• Audit Planning Memorandum
• Risk Assessment Evaluation
• Assessment of internal audit
• Internal Controls Questionnaire
• Materiality Levels & Audit Sampling
• Audit Programs
• Physical stock count / Cash count
• Direct Confirmations
• Statutory Records Checklist
• Taxation Checklist
• Going Concern Review
• Financial and Production Analysis
• Financial statements disclosure checklist
• Audit Completion Checklist