Audit Procedures

Question 1

Vouching:
Existence and occurrence

Answer 1

Journal or ledger to source document
E.g.
Recordings in the journal To Customer purchase order

Question 2

Tracing (completeness)

Answer 2

Source document to the journal

Question 3

Enquiry
Confirmation
Inspection of records
(Tracing/vouching)
Inspection of tangible assets
Observation
Recalculation
Reperformance
Analytical procedures
Scan for risky items

Answer 3

.

Question 4

Emphasis of matter
VS other matter

Answer 4

Fundamental to understanding the FS
VS
outside of FS
e.g. last years weren’t audited by us