CAATs Study guides, Class notes & Summaries

this is a summary of notes and some examples

Handwritten Auditing 771 notes relating to Topic 5 including substantive procedures discussed in honours, audit procedures on the companies act and CAATS.

SUBSTANTIVE PROCEDURES AND FINALYSING AN AUDIT (AUE3702) Activity 2.2.1 Audit functions to be performed using data CAATs Example of a substantve procedure that can be performed with the use of data CAATs in a payroll and personnel cycle Sorting Use CAAT to sort employee according to grades in the employee Masterfile. Compare the job grades and wage rate in the personnel file Extracting samples Use CAAT to extract a sample gross salary from the employee Masterfile and confrm that th...

Acceptable Risk - answerA type of risk that revolves around the business impact that would be experienced if certain risks became realized. The loss is deemed to be acceptable; no additional controls are warranted. Acceptable Risk Level - answerA risk level derived from an organizations' legal and regulatory compliance responsibilities, its threat profile, and its business drivers and impacts. Adequate Control - answerA level of control that is present if management has planned and organi...

Assurance engagements - Definition and objectives - Elements of an assurance engagement - Types of assurance engagements - Levels of assurance and reports - Non-assurance engagements 10.2Nature and purpose of an audit - Nature and objectives - Audit as an assurance engagement - Development of audit (early audit and modern audit) - Types of audit and limitations 10.3Legal framework and regulation - Regulatory framework within which external audits take place - Statutory regulations; ...

AUE3702 assignment 2 2021. Substantive Procedures And Finalising An Audit. Activity 2.1.1 1) Comments on the Junior trainee’s understanding of the assertions Trade receivables Existence the period is not mentioned and readers would not be able to understand which date the junior trainee is referring to 1½ Accuracy She did not include measurement in her statement since the accuracy of an amount needs to be measured to ascertain the amount. She did not also include valuation and alloca...

ORIENTATION AND LEARNING APPROACH iv TOPIC 1: Audit evidence 1 LEARNING UNIT 1.1: The theory of audit evidence (ISA 500) 2 LEARNING UNIT 1.2: Relying on information produced by a management’s expert (ISA 500) 7 LEARNING UNIT 1.3: Using the work of an auditor’s expert (ISA 620) 9 LEARNING UNIT 1.4: Using the work of internal auditors (ISA 610) 12 LEARNING UNIT 1.5: Initial engagements: opening balances (ISA 510) 15 LEARNING UNIT 1.6: Accounting estimates including fair value account...

These notes are a complete Summary of the Jackson and Stent textbook and also combine the slides and class notes. Everything you need to understand the computers aspect of Auditing are contained in these notes and through understanding how each segment of computers works will assist you in answering questions as well. Good luck, Hope these notes help :)

How to answer questions on Substantive Procedures. This document includes: 1) Principles of formulating substantive procedures including assertions and direction of testing 2) Formulating substantive procedures using computer assisted audit techniques (CAATs) 3) Analytical procedures