Professional Documents
Culture Documents
Developing the
Overall Audit Plan
and Audit Program
13-3
1
Use the five types of audit tests to
determine whether financial
statements are fairly stated.
13-4
13-5
Audit risk
model
AAR
= PDR
IR CR
Substantive
Tests of
Sufficient
Tests of
Analytical
+ tests of +
+ details of =appropriate
controls
procedures
transactions
balances
evidence
13-7
13-8
2
Select the appropriate types of audit tests.
13-9
13-10
13-11
3
Understand how information technology affects
audit testing.
13-12
13-13
13-14
4
Understand the concept of
evidence mix and how it should
be varied in different
circumstances.
13-15
13-16
5
Design an audit program.
13-17
Part 1:
Tests of controls and substantive
tests of transactions
Part 2:
Analytical procedures
Part 3:
Tests of details and balances
13-18
13-19
13-20
13-21
13-22
6
Compare and contrast transaction-related
audit objectives with balance-related and
presentation and disclosure-related audit
objectives.
13-23
13-24
13-25
I.
13-26
Transaction-related
Balance-related
Presentation and disclosure-related
13-27
Audit procedures
Sample size
Items to select
Timing
13-29
Inspection
Physical
Evidence
Inquiries of Client
Confirmation
Audit
Evidence
Analytical
Procedures
Recalculation
Reperformance
Observation
13-30
13-31
Phase I
Phase II
Perform tests of
controls and
substantive tests
of transactions
13-32
Perform analytical
procedures and
Phase III
tests of details
of balances
Phase IV
Complete the
audit and issue
an audit report
13-33
13-34
No
Yes
Perform tests of controls
Perform substantive tests of transactions
Assess likelihood of misstatements in
financial statements
13-35
Low
Low
Medium
High or
unknown
13-38
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