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They are, to all intents and purposes, the same. It doesn’t matter whether you refer to the process of inspecting clock cards to ensure they were authorised as an audit test on the clock cards or an audit procedure to verify authorisation.
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Audit tests are used by an auditor in gathering sufficient and appropriate audit evidence which he basis to express his opinion to a client, i.e, Test controls, substantive tests, walk-through tests, Rotational tests etc
On the other hand,
Audit procedures – are followed by an auditor when conducting audit work, ie, ISA 300 – Planning audit work, ISA 315 – Identifying and assessing risk, ISA 330 – Responding to those assessed risks.
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Citing an example in each case, define the following terms:-
1) Fraud
2) Error
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Fraud is an intentional act to gain an undue advantages
e,g overstatement of NCA , inorder to look SOFP healthy
ERROR is an unintentional act , like any human error as revenue is wrongly recorded
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