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Audit Strategy
1. Primarily Substantive Approach
2. Primarily Substantive Approach
4.
5.
6.
7.
Type of Potential
Misstatement
Controls are relevant to the
existence of inventory
A primarily substantive
approach.
A primarily substantive
approach.
Predictability of
transactions may allow for a
response to lower inherent
risk and analytical
procedures.
A primarily substantive
approach.
Audit Strategy
A primarily substantive
approach.
A primarily substantive
approach.
A primarily substantive
approach.
A primarily substantive
approach.
A primarily substantive
approach.
A primarily substantive
approach.
Assertion
BAO - C
BAO E
PDO C&O
Objective
8.
9.
10.
Assertion
BAO -C
BAO - E
DAO
4.
5.
6.
7.
BAO - VA
BAO - VA
BAO - RO
BAO - RO
11.
12.
13.
14.
C&U
BAO - VA
DAO - CU
DAO - CU
DAO - CU
Audit Procedure
Count cash on hand
Type of Test
T of D of balances
2.
T of D of balances
Audit Objective
BAO - Existence,
Completeness, Valuation and
allocation
BAO - Existence
3.
T of D of transactions
T of D of balances
5.
T of D of disclosures
6.
Analytical procedure
7.
T of D of balances
Initial procedures
BAO - Existence,
Completeness, Valuation and
allocation
DAO - Completeness (of
disclosures), DAO
Occurrence and Rights and
Obligations
BAO - Existence,
completeness, valuation and
allocation
BAO - Valuation and
allocation
BAO - Existence,
Completeness, Rights and
obligations, Valuation and
allocation
BAO - Valuation and
allocation
Tests of accounting
estimates
14.
15.
T of D of transactions
4.
8.
9.
10.
11.
12.
13.
T of D of balances
Initial procedures
T of D of disclosures
DAO Completeness,
Classification and
Understandability
BAO - Valuation and
allocation
T of D of
Balances
T of D of balance
16.
17.
18.
Audit Procedure
authorizations to accounts
receivable.
Observe clients inventory
taking.
Trace unpaid vendors invoices
to accounts payable at year-end.
Compare pension disclosures to
a disclosure check list.
Type of Test
T of D of balances
Test of details of
transactions
T of D of disclosures
Audit Objective
Accuracy
BAO - Existence,
Completeness,
TAO Completeness
DAO - Completeness of
presentation and disclosure,
Occurrence and rights and
obligations of disclosures
Assertion
BAO - Valuation or allocation
BAO - Completeness
BAO - Existence
BAO - Valuation or allocation
DAO Classification &
Understandability
BAO Existence
BAO Rights and obligations
DAO Classification &
Understandability
BAO - Completeness
BAO - Rights and obligations
BAO - Completeness
DAO Classification &
Understandability
BAO - Completeness
DAO Classification &
Understandability
BAO - Valuation or allocation
Substantive Test
C, J
A, B, E, F
C, D
I, K
L
A, B
A, B, E, H, I
M
B, E, H
E, H
F
L
E
L
I, K