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Hi Dear Mike,
I know that Audit Procedures are the Actions we take in order to obtain Audit Evidence.
I was going through one question on Leasing and where it says ‘State the Audit Evidence you should expect to find in respect of the lease’ and the answer is given,
“- A recalculation of the finance charge expensed during the period & agreement of the intrest rate used in the contract.
– A Calculation of the PV of MLPs & Comparison with the FV at the inspection.
– A Recalculation of the Depreciation charged ”Are these not the Audit Procedures?
Plz Advice
Kind Regards
No, if these were procedures they would read …
“recalculate the finance charge expensed during the period & agree the interest rate used to the rate stated in the contract
calculation the PV of MLPs and compare with the FV at the inspection
recalculate the depreciation charged”
Procedures start with verbs
Evidence starts with (typically) an indefinite article
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