There Are Seven Methods of Obtaining Audit Evidence: Physical Examination

question 67

Essay

There are seven methods of obtaining audit evidence: physical examination, confirmation, documentation, observation, inquiries of the client, re-performance, and analytical procedures.For each of the following types of audit tests, indicate the type(s)of evidence-gathering procedures that can be used during the test: (1)tests of controls, (2)substantive tests of transactions, (3)analytical procedures and (4)tests of details of balances.

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Definitions:

Traditional Student

A student 18 to 25 years old, usually going from high school directly to college.

Hands-On Experience

Practical experience gained through direct involvement in a task or activity, often as opposed to theoretical knowledge.

Networking Opportunities

Chances to meet and interact with other people in one’s industry or field of interest, often for the purpose of professional advancement.

Financial Assistance

Funds provided to individuals or organizations in need, often for educational purposes, businesses, or personal emergencies.