anyone know what is the meaning? is it same with audit risk?
when a question asks for principal work the examiner is asking you to identify what procedures (A.E.I.O.U) youshould undertake the audit area in question.
inquiry from management or third party
inspection of documents
recalculation to confirm figures for accuracy
observation e.g inventory count
analytical procedures e,g confirm reasonabliness of estimates or ratio analysis
hope it helps
It is not simply AEIOU, see Lisa’s article below which gives greater detail,
This is a good way of remembering the principal audit work thanks a lot
Does anyone have access to the LSBF mock questions and answers
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