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Types of vouchers in auditing


Statistical Making inferences in uncertain situations using applied mathematics.
Results of an overall review may indicate the need for additional evidence.
Auditors use their own generalized audit software to process the same data as was processed by the clients software. .
Inquire (inquiry) Ask questions of client personnel.
Benfords law is a mathematical law that applies to any population of numbers derived from other numbers (such as the dollar amount of a sale, found by multiplying the quantity sold times the unit price).Allocation, distribution according to a plan.Control accounts are general ledger accounts that report totals of details included in subsidiary ledger accounts. .The negative form is used when controls over receivables are strong and accounts receivable consists of many accounts with small balances.Other comprehensive basis of accounting (ocboa) means a definite set of criteria, other than accounting principles generally accepted in the United States of America or International Financial Reporting Standards (ifrss having substantial support underlying the preparation of financial statements prepared pursuant to that basis.Compilation of a financial projection is assembling prospective statements based on assumptions of a responsible party, considering appropriateness of presentation, and issuing a compilation report.It includes integrity and ethical rules, commitment to competence, board or audit committee participation, organization structure, assignment of authority and responsibility, and human resource policies and practices.Audit evidence is information used by the auditor in arriving at the conclusions on which the auditors opinion is based.



The terms defined on this page have all appeared in past CPA exam questions, so they are worth knowing if you are studying for the auditing exam.
Test of controls (tests of the operating effectiveness of internal controls) Auditors evaluate the design of controls, then determine if the controls are in operation.
Recomputation Perform procedures again and compare to original results.
Such information from a prior year car gifts for teenage girl is used by the auditor in the current years audit and is updated each year.
11 Auditors edit Auditors of financial statements non-financial information (including compliance audit) can be classified into three categories: External auditor / Statutory auditor is an independent firm engaged by the client subject to the audit to express an opinion on whether the company's financial statements.Dual-purpose test Audit procedures are classified as substantive tests or tests of controls.Safety, security, information systems performance, and environmental concerns are increasingly the subject of audits.Substantive audit procedure is a direct test of a financial statement balance designed to detect material misstatements at the assertion level.Continuing accounting significance means matters normally included in the permanent audit documentation, such as the analysis of balance sheet accounts, and those relating to contingencies.Proficiency as an auditor includes the auditors formal education and subsequent experience.Adjusting entries are accounting entries made at the end of an accounting period to allocate items between accounting periods.Prospectus A registration statement filed with the SEC includes audited financial statements (balance sheet, income statement, and statement of cash flows) for the previous three years.




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