Auditing Assignment Coursework Example
Free Auditing Assignment Coursework Example
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A substantive analytical procedure to test assertions for existence, valuation, and accuracy of balances in the Ticket Sales Revenue account. This test will give an evidential matter if the amounts presented in the account truly exist and are accurate both in value and stated financial period.
In the Ticket Sales Revenue account, substantive analytical procedures can achieve better results than tests of details because they reduce the possibility of material misstatements when making assertions to a reasonably low level.
A substantive analytical procedure to test assertions for occurrence, cutoff, completeness, and accuracy of balances in the Ticket Sales Revenue account. This test will give an evidential matter if the transactions presented in the account actually took place, and are recorded both in value and stated financial period.
Substantive analytical procedures compare data from various sources to examine if presented data looks ‘odd’ or ‘wrong.’ In this case, the auditor unexpected variations or differences in the data determine if there is a need for an additional review, and this reduces the possibility of a material misstatement to a great extent unlike the test of details. Tests of details involve the tracking of figures in supporting documents to determine the validity, proper classification, accuracy and completeness of transactions. It may also include the confirmation and recalculation recorded information.
The Ticket Sales Revenue account has a “predictable relationship” because it covers transactions recorded over a period. That is, from January to December 2015.
The Ticket Sales Revenue account has a “predictable relationship” because it covers transaction details recorded over a period. An auditor can use the total number of passengers who paid for tickets and prices of those tickets to predict the revenue earned.
As Stephen reviews the kind of data to request from Trusted Tickets and Colis...
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