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Unit 2. Audit Procedure - Coggle Diagram
Unit 2. Audit Procedure
Risk Assessment Procedure
Compliance Procedure
Flowchart Analysis
Internal Control Questionnaire
Surprise check
Cash / investment / bank bal / stock on hand, Asset verification, salary Payment
Substantive Procedure
Test of Details
Analytical Procedure
Purpose
Existance
Rights & Obligations
Occurance
Completeness
Valuation
Measurement
Presentation
Internal Control System
Types
Administrative
Financial
Objectives
Records are valid , Complete & Accurate
Transactions are authorised
T - Classified & Valued
T - Time ✅
T - posted ✅ & summarized ✅
Advantages
Accuracy & Reliability
Min Fraud & Error
Safeguards Assets
Operational Efficiency
Highlights Weaknesses
Adherence to policies