Audit Process and Techniques

Hi Guys,

     For collection and accumulation of audit evidence, certain methods and means generally adopted by auditors are:

1. Posting checking
2. Testing the existence and effectiveness of management controls that prevent financial statement misstatement.
3. Casting checking
4. Physical examination and count.
5. Confirmation
6. Inquiry
7. Inspection
8.Year-end security
9. Re- computation
10. Tracing in subsequent period.
11. Bank reconciliation
12. Vouching
13. Verification of existence.