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Can I know the types of both please?
I am told that,
Standard audit procedures could be – agree, cast, cross cast
Specific audit procedures are – Occurrence, Completeness etcs
Please clarify difference in both.
I am not familiar with the distinction made between standard and specific audit procedures.
There are five families of procedures (ie methods used to collect evidence):
>Analytical procedures [eg Why has GP% increased?]
>Enquiry and confirmation [eg receive a receivable balance confirmation]
>Inspection [eg agree amounts being posted from credit side of the cash book to the debit side of a payables account]
>Observation [eg warehouse staff counting goods as they are received]
>Reperformance and recalculation [eg casting and cross-casting]All procedures can be used to perform substantive tests (eg tracing payments and obtaining a receivables confirmation), and all except analytical procedures can be used to test the operation of controls (eg observing warehouse staff counting goods).
Your ‘specific audit procedures’ seem to list the audit assertions. Evidence is needed to support each relevant assertion.
Have a look at this lecture:
https://opentuition.com/acca/f8/f8-financial-statement-assertions-and-audit-evidence/
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