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OBJECTIVES,
PROCEDURES,
EVIDENCES AND
DOCUMENTATION
Presented by: Group III
AUDIT OBJECTIVE
The auditor develops audit objectives that relate to
management assertions about the financial statement
components. To achieve audit objectives, the auditor
shall design audit procedures and gather sufficient
appropriate audit evidence whether the assertions are in
accordance with the applicable financial reporting
framework.
Types of audit Objectives:
Tests of controls
- audit procedures designed to evaluate the
operating effectiveness of relevant controls in preventing,
or detecting and correcting material misstatements at the
assertion level.
Substantive procedures
- audit procedures designed to detect material
misstatements at the assertion level.
TYPES OF SUBSTANTIVE
PROCEDURES
Documentary
External Cutoff Bank Statement
External/Internal Purchase Invoice
Internal Sales Invoice