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Please explain in detail the difference & how to answer the question asking about audit Procedures & Audit Evidence?
Procedures starts with a verb – inspect, observe, check, confirm and so on.
Evidence is “there should be written evidence that the premises were inspected” or “there should be copies of the directors’ minutes to confirm ….”
Does that help?
We can also follow AEIOU for audit procedures and DADA3 for evidence.
A= Analytical procedures
E=Enquiry and confirmation
I=Inspection
O=Observation
U=recalcUlationD=Documents
A=Accounting system
D=Directors (board minutes, written representation)
A=Assets
3=3rd party confirmationsDid I miss anything :/
It’s an easy exercise to convert a procedure into evidence or the other way round.
Evidence is “there should be written evidence that the premises were inspected” or “there should be copies of the directors’ minutes to confirm ….” converts into “Inspect the premises” and “Obtain written confirmation …”
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