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Audit Planning and Documentation, Type of Audit procedures, Factors Affect…
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Type of Audit procedures
Inquiry and confirmation - Enquire the document from client and confirm the accuracy of the information is correct.
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Analytical procedure - Comparing current year result with previews year result and comparing result with industry average to analyse the variance
Observation - Observe the company's efficiency and procedure that set by the company when employee carrying out their work.
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Audit Files
Current Audit Files
- Contains information of relevance to the current year's audit.
Examples:
- financial statements
- accounts checklists
management accounts details
- reconciliations of management and financial account
- a summary of unadjusted errors
Permanent Audit Files
- Contains information of continuing importance to the audit
Examples:
- engagement letter
- new client questionnaire
- the memorandum and articles
- other legal documents such as prospectus, leases, sales agreement
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