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Hi Sir,
I am struggling with getting the hang of audit procedures questions.
Could you help me in regards to laying out the answer for the various transactions in the exam which could be tested for procedures. I know that assets / liabilities / and transactions have been tested.
Should I first start by writing down the audit assertions that relate to assets or transaction balances (whatever is tested) and then from that think of audit procedures that will satisfy the various assertions such as completeness, existence etc.
Will the question requirement give me any indication into what assertions I will need to relate my answer to?
Thanks for your time
“Could you help me in regards to laying out the answer for the various transactions in the exam which could be tested for procedures” – YOU”RE meant to be thinking of these – that’s the point of the exam. It isn’t to get me to write out suggested answers for you to memorise! Besides, when do you think I’m going to get the time to write out lists of points for you to remember?
Sorry
“Will the question requirement give me any indication into what assertions I will need to relate my answer to?” – could very well do
But, if not, think of enough points to put into an answer, subdivide those points into the relevant assertions, just check to make sure that your plan really DOES address the question and then start to write your answer with the different assertions being addressed shown as an underlined heading
OK?
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