Procedures to obtain audit evidence:
There are many procedures that auditors use to obtain audit evidence to support their conclusion.
Such procedures include audit inquiry, audit observation, audit inspection, analytical procedure, audit recalculation, audit confirmation, as well as re-performance.
- Audit inquiry: Auditor inquires management on certain business transactions or events for the purpose of obtaining an understanding or to confirm some related assertion.
- Audit observation: Auditor observes the way how certain controls related to financial reporting perform.
- Audit Inspection: Auditor inspect on certain documents or evidence that related to financial transaction or event.
- Analytical Procedure: Analytical procedure is normally used by the auditor to assess the transactions or amounts in the financial statements through other financial and non-financial data.
- Recalculation: The auditor sometimes recalculates some depreciation expenses that prepare by management.
- Re performance: The auditor sometimes re-performs bank reconciliation that prepares by the client.