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🎓 Lesson Overview:
This lesson delves into the specific assertions and substantive testing procedures, including inquiry and inspection of records, confirmations, observation, and reperformance and recalculation. The lesson provides real-world examples of how auditors conduct these tests, such as by interviewing the controller to gauge the effectiveness of internal controls, or sending out letters to customers to confirm account balances. Additionally, it examines the process of observation, which includes looking at employee interactions and performance of job duties to determine potential risk areas within the company. Lastly, the lesson highlights instances where reperformance and recalculation are appropriate methods for testing the accuracy and effectiveness of certain processes, such as bank reconciliations or inventory counts. Nick Palazzolo adds valuable insights and practical advice to help understand the importance of each testing procedure in the auditing process.
🔍 Key Topics Covered:
- Substantive Testing Procedures
- Audit Testing
- Assertions
- Inspection of Records
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