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Expenditure - Coggle Diagram
Expenditure
Audit procedures for revenue and expenditure
Obtain an understanding of internal control
understanding design of internal control
evaluate the design control
update and evaluate auditors' previous experience
make inquiries
examine documents and records
observe entity activities and operations
perform walkthroughs
Assess control risk
identify transaction
identify existing controls
associate controls with transactions
control deficiencies,significant deficiencies and material weakness
Test of control
inquiries
examine documents, records and reports
observe
re-perform
Design substantive
substantive tests of transactions
analytical procedures
test of details of balances
Substantive tests of transaction
reasonable assurance
test of details of account balances
expense account analysis
allocation
analytical procedures
Methodology for designing tests of details of balances for accounts payable
Identify client business risks affecting accounts payable
Set tolerable misstatement and assess inherent risk
Assess control risk for the purchase and payment cycle
Designing and perform tests of controls and substantive test of transactions
Design and perform analytical procedures for accounts payable
Design tests of details of account payable balance to satisfy balance
Purpose
not materially misstated
matching of revenue and expenditure
fairly presented in accordance with accounting standards
accounting principles are applied