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:
“The process of education in the oldest profession in the world is like any other educational process, in that it requires time and effort and patience; it can only be acquired by taking one step at a time, though the steps become accelerated after the first few.”
—Madeleine [Blair], U.S. prostitute and “madam.” Madeleine, ch. 4 (1919)
“It is easy to lose confidence in our natural ability to raise children. The true techniques for raising children are simple: Be with them, play with them, talk to them. You are not squandering their time no matter what the latest child development books say about “purposeful play” and “cognitive learning skills.””
—Neil Kurshan (20th century)