OVERALL AUDIT PLAN AND AUDIT PROGRAM

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Chapter 13 Overall Audit Plan and Audit Program

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Presentation transcript:

OVERALL AUDIT PLAN AND AUDIT PROGRAM CHAPTER 10 OVERALL AUDIT PLAN AND AUDIT PROGRAM

TYPES OF TESTS PROCEDURES TO OBTAIN UNDERSTANDING OF INTERNAL CONTROL INQUIRIES OF CLIENT READ POLICY AND PROCEDURES MANUALS EXAMINE DOCUMENTS OBSERVE PERSONNEL TESTS OF CONTROL REPERFORM PROCEDURES WAS PROCEDURE PERFORMED? WAS IT PERFORMED CONSISTENTLY WHO PERFORMED IT?

SUBSTANTIVE TESTS OF TRANSACTIONS TEST FOR DOLLAR MISSTATEMENT SATISFY ALL SIX TRANSACTION-RELATED OBJECTIVES FOR EACH CLASS OF TRANSACTIONS RECORED SALES OCCURRED RECORDED SALES ARE COMPLETE RECORDED SALES ARE ACCURATE RECORDED SALES ARE IN CORRECT TIME PERIOD RECORDED SALES ARE PROPERLY CLASSIFIED RECORDED SALES ARE ACCURATELY SUMMARIZED ANALYTICAL PROCEDURES COMPARISONS OF DATA FOUR PURPOSES

TESTS OF DETAILS OF BALANCES FOCUS ON ENDING G/L BALANCES EXTENT DEPENDENT ON RESULTS OF OTHER TESTS TESTS OF CONTROL ANALYTICAL PROCEDURES TESTS OF TRANSACTIONS SUMMARY OF TYPES OF TESTS CONTROL RISK ASSESSMENT LOWER DETECTION RISK

RELATIONSHIP BETWEEN TESTS AND EVIDENCE RELATIVE COSTS ANALYTICAL PROCEDURES PROCEDURES TO OBTAIN UNDERSTANDING OF I/C AND TESTS OF CONTROL SUBSTANTIVE TESTS OF TRANSACTIONS TESTS OF DETAIL OF BALANCES RELATION BETWEEN TESTS OF CONTROL AND SUBSTANTIVE TESTS DEVIATION FROM CONTROL INCREASES RISK OF DOLLAR ERROR

EVIDENCE MIX TRADE OFF BETWEEN TESTS OF CONTROL AND SUBSTANTIVE TESTS FIGURE 10-4 ANALYSIS OF AUDITS 1 TO 4 ON PAGES 337-338

DESIGN AUDIT PROGRAM TESTS OF CONTROL AND SUBSTANTIVE TESTS OF TRANSACTIONS FOUR STEPS APPLY TRANSACTION-RELATED OBJECTIVES IDENTIFY SPECIFIC CONTROLS TO REDUCE RISK DEVELOP TESTS OF CONTROL DESIGN SUBSTANTIVE TESTS OF TRANSACTIONS FOR POTENTIAL MISSTATEMENTS CONSIDER CONTROL RISK ASSESSMENT

ANALYTICAL PROCEDURES AUDITOR JUDGMENT INDUSTRY-SPECIFIC PROCEDURES TESTS OF DETAIL OF BALANCES SET MATERIALITY LEVEL, ACCEPTABLE AUDIT RISK, AND ASSESS INHERENT RISK ASSESS CONTROL RISK DESIGN TESTS OF BALANCES FOR EACH BALANCE-RELATED OBJECTIVE RELATION OF AUDIT OBJECTIVES TABLE 10-5

SUMMARY OF AUDIT PROCESS PHASE I PLAN AUDIT DESIGN APPROACH PHASE II PERFORM TESTS OF CONTROLS PERFORM TESTS OF TRANSACTIONS PHASE III PERFORM ANALYTICAL PROCEDURES PERFORM TESTS OF BALANCES PHASE IV COMPLETE AUDIT AND ISSUE REPORT