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Dear Sir,
How do i perfect my Audit Procedures ? I m struggling in Audit Procedures questions.
Please suggest any method which i can follow so my audit procedure gets perfect.Thanks,
You have to think what the procedures are for: what evidence do you want to collect?
So, if you are interested in valuation of receivables you have to collect relevant evidence such as have the amounts been received after year end. If so there is no valuation problem.
If you are collecting evidence about the operation of a control then you need procedures that will show that eg by inspecting documents to see if they have been properly authorised.
What you want to verify (either an assertion of the operation of a control) dictates what procedures are suitable.
You have to think what the procedures are for: what evidence do you want to collect?
So, if you are interested in valuation of receivables you have to collect relevant evidence such as have the amounts been received after year end. If so there is no valuation problem.
If you are collecting evidence about the operation of a control then you need procedures that will show that eg by inspecting documents to see if they have been properly authorised.
What you want to verify (either an assertion of the operation of a control) dictates what procedures are suitable.
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