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Hello,
Can anyone tell me whether audit techniques and audit procedures is the same?
And I got this-PROVE ( Presentation, Record, Ownership/Obligation, Valuation, and Existence), is this audit technique?
And also this-AEIOU (Analytical procedure, Enquiry, Inspection, Observation, and RecompUtation), is this also audit technique?
Pl help me this is really making me crazy.
Regard,I don’t think ‘audit techniques’ is a widely used or definite term. You PROVE mnemonic, consists mostly of assertions, but not all assertions and ‘record’ is not a term used much.
Stick with AEIOU and refer to these as ways of collection audit evidence. Audit procedures refer to the detailed procedures you would carry out eg inspect invoices for authorisation, inspect fixed assets for existence, inspect inventory for damaged items.
There’s a new lecture up for F8 on Assertions and Audit Evidence which I think you would find useful.
HTH
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