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Hi Mike
Could you explain how to do audit procedures. I am really having trouble understanding these even though it looks so easy. I have read the article about AEIOU but still having trouble. This is the only thing i dont understand. If you could explain as concisely as possible that would be really helpful.
Thanks
I gather that you are not employed in the field of auditing!
So we’re drawing hugely on your imagination …
You are faced with an item ( material – that almost goes without saying!) on one of the draft financial statement being audited
It’s an asset as shown on the draft statement of financial position
Now, how are you going to audit it?
The P7 lectures go through this on video!
What possible procedures could you imagine that you could adopt to verify (within material bounds) the accuracy, completeness and ownership of those matters within the draft financial statements
I leave it to you but I suggest that you apply a liberal coating of some sound common sense
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