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Hello Sir,
for two of the audit procedure to obtain audit evidence are recalculation and reperformance.
I would like to ask is that to obtain a schedule for an expense and cast it, its much like recalculation or reperformance? thank you.To recalculate is to re-do any calculation – this could be casting a schedule to check a total (it must have already been cast by the client) – or recalculating the values of inventory items (qty x price) on a sample basis – or recalculating the allowance for irrecoverable receivables (various %s applied to aged debts of over 30/60/90 days, etc).
To reperform is to re-do a procedure – e.g. reconciliations (bank/suppliers’ statements/a control a/c to a list of balances). Doing test counts on inventory at a stocktake is reperformance.
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