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Select from the option list provided the appropriate audit procedure for each description: (A) Observation...

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Accounting

Select from the option list provided the appropriate audit procedure for each description: (A) Observation (B) Reperformance (C) Inspection of tangible assets (D) Inquiry (E) Confirmation (F) Inspection of records or documents (G) Recalculation

1.An auditor independently executes procedures or controls that were originally performed as part of the entitys internal control.

2. An auditor examines written information relating to transactions and balances, such as shipping and receiving forms, to establish ownership of inventory.

3. An auditor obtains acknowledgments in writing from third parties of transactions or balances, such as inventory in public warehouses or on consignment.

4. An auditor recomputes certain amounts, such as the multiplication of quantity times price, to determine inventory amounts.

5. An auditor questions client personnel about events and conditions, such as obsolete inventory.

6. An auditor physically examines an item to establish its existence.

7. An auditor watches the performance of some process or procedure, such as a clients annual inventory count.

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