Audit Process and Techniques
For collection and accumulation of audit evidence, certain methods and means generally adopted by auditors are:
- Posting checking
- Casting checking
- Physical examination and count
- Confirmation
- Inquiry
- Year-end scrutiny
- Re-computation
- Tracing in subsequent period
- Bank reconciliation
- Vouching
- Verification of existence, ownership, title and value of assets and determination of the extent and nature of liabilities
Read more about this topic: Financial Audit
Famous quotes containing the words process and/or techniques:
“If thinking is like perceiving, it must be either a process in which the soul is acted upon by what is capable of being thought, or a process different from but analogous to that. The thinking part of the soul must therefore be, while impassable, capable of receiving the form of an object; that is, must be potentially identical in character with its object without being the object. Mind must be related to what is thinkable, as sense is to what is sensible.”
—Aristotle (384–322 B.C.)
“The techniques of opening conversation are universal. I knew long ago and rediscovered that the best way to attract attention, help, and conversation is to be lost. A man who seeing his mother starving to death on a path kicks her in the stomach to clear the way, will cheerfully devote several hours of his time giving wrong directions to a total stranger who claims to be lost.”
—John Steinbeck (1902–1968)