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Audit Evidence and Control Frameworks

The document outlines various audit procedures, including physical examination of inventory, inspection of supporting documents, and confirmation of account balances, to ensure the accuracy of financial records. It also compares three frameworks: COBIT, which focuses on IT governance and control, and COSO, which addresses internal control and risk management across the organization. The document highlights the differences in scope, components, and primary users of each framework.

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hntnguyen1209
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71 views2 pages

Audit Evidence and Control Frameworks

The document outlines various audit procedures, including physical examination of inventory, inspection of supporting documents, and confirmation of account balances, to ensure the accuracy of financial records. It also compares three frameworks: COBIT, which focuses on IT governance and control, and COSO, which addresses internal control and risk management across the organization. The document highlights the differences in scope, components, and primary users of each framework.

Uploaded by

hntnguyen1209
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Descriptive Test controls Substantive testing

1. An auditor may physically examine inventory X


as evidence that inventory shown in the
accounting records exists
2. An auditor may inspect supporting documents X
like invoices to confirm that records of sales
occurred
3. An auditor may request that suppliers confirm X
in writing the details of the amount owing at
the balance date as evidence that accounts
payable is a liability
4. An auditor may inquire about the collectibility X
of customers’ accounts as evidence that trade
debtors are accurate in their valuation.
5. Confirming account balances with third X
parties (e.g., bank balances with bank
statements or accounts receivable with
customers).
6. Physically inspecting assets, like property or X
equipment, and comparing their condition and
value to what’s reported in the financial
statements.
7. Vouching a sample of sales transactions to X
supporting documents, such as sales invoices
and delivery notes.
8. Auditors may inquire about the budgeting X
system to verify users’ familiarity with the
processes.
9. An auditor will look for evidence of proper X
and consistent application of control policies
and procedures throughout the audited year.
10. The examination of business documents for X
any signs of review. Signatures, checkmarks,
and stamps are all signs that internal controls
have been used.
11. Watch the client’s year-end inventory X
counting procedures.
12. Auditors may ask clients to explain their X
control processes.

2. Compare and contrast the following three frameworks: COBIT, COSO Integrated
Control, and ERM.
COBIT COSO
Mục đích Quản trị và kiểm soát CNTT Kiểm soát nội bộ và quản lý
rủi ro
Phạm vi Chuyên sâu về CNTT Bao quát toàn tổ chức
Thành phần Các miền và quy trình CNTT 5 thành phần kiểm soát nội bộ
Tập trung vào rủi ro Rủi ro CNTT Rủi ro tài chính, vận hành và
tuân thủ
Người dùng chính Chuyên gia CNTT Nhóm tài chính, kiểm toán,
quản lý

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