Pulled this from a couple Google links, might be a good start to try and format into a chart and then add to it when you stumble across questions… I will probably try to make myself a chart at some point this weekend with these items if I can't find one on Google, don't really have time to look for one at the moment. I know this won't help much with “learning” the reasoning behind the procedures, but it may help with a memorization chart, sorry.
Fourteen standard audit procedures used in an audit ‘FIVE CARROT CARS:
– Footing; crossfooting; recalculation
– Inquiry
– Vouching
– Examination/Inspection
– Confirmation
– Analytical Procedures
– Reperformance
– Reconciliation
– Observation
– Tracing
– Cut Off Review
– Analyse related accounts simultaneously
– Client Rep Letter
– Subsequent Reviews
Most relevant Assertions for accounts (B/S Accounts)
1) Completeness (most relevant to liabilities)
2) Valuation ,Allocation, Accuracy
3) Existence and Occurrence (most relevant to assets)
4) Right and Obligations
Most Relevant Assertion for Revenue Accounts (Transactions)
1) Completeness(expense)
2) Valuation, Allocation and Accuracy
3) Existence and Occurrence (Revenue)
4) Understandability and Classification
5) CutOff
Assertions for Presentation
1) Completeness
2) Valuation Accuracy and Allocation
3) Understandability and Classification (Most relevant)
4) Rights and Occurrence
What audit procedures are relevant to the completeness assertion?
– Tracing
– Analytical review
– Observation
What audit procedures are relevant to the valuation, allocation, and accuracy assertion?
– Inspection
– Footing
– Independent recalculation
– Reconciliation
What audit procedures are relevant to the existence and occurrence assertion?
– Confirmation
– Observation, inspection, and examination
– Vouching
What audit procedures are relevant to the understandability and classification assertion?
– Inspection
– Review
– Inquiry of management
What audit procedures are relevant to the rights and obligations assertion?
-Inspection
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