M ODULE 5 A UDIT P ROCEDURES CA. S RIPRIYA K UMAR Practical/ Article Training.

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Presentation transcript:

M ODULE 5 A UDIT P ROCEDURES CA. S RIPRIYA K UMAR Practical/ Article Training

L EARNING O BJECTIVES What are Audit Procedures Why do we perform audit procedures Which SA should I refer What are the types of Audit Procedures 2

W HAT IS AN A UDIT P ROCEDURE An Intro.

A UDIT PROCEDURES SA 700 : The auditor’s report shall describe an audit by stating that: (a) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements; (b) The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 4

A UDIT PROCEDURES Audit procedures are nothing but the steps performed by an auditor to obtain audit evidence to support his/ her conclusions on the financial statements 5

SA 500 ON A UDIT P ROCEDURES Assess various types of risks the entity is exposed to Risk Assessment including tests of details and substantive analytical procedures Substantive when required by the SAs or when the auditor has chosen to do so Tests of Controls 6

A UDIT P ROCEDURES 7 Risk Assessment Procedures Compliance Procedures Substantive Procedures The audit procedures described in paragraphs A14-A25 below may be used as risk assessment procedures, tests of controls or substantive procedures, depending on the context in which they are applied by the auditor.

A UDIT P ROCEDURES IN P ARA A14 TO A25 True & Fair InspectionObservationEnquiryConfirmationRecalculationReperformance Analytical procedures 8

H OW DO I DECIDE ON AN A UDIT P ROCEDURE Audit Evidence is the key driver in deciding an audit procedure Audit Evidence The quantity of the evidence should be sufficient to draw a conclusion Sufficient Quality of the evidence – the evidence should be relevant and reliable Appropriate 9

W HAT N EXT ? W HAT DO I D O ? I Know Audit Procedures!

T HANK Y OU Practical/ Article Training