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Audit procedures refer to the steps undertaken by an auditor to achieve the specific objectives of an audit when conducting the fieldwork phase of the audit. These objectives include ensuring the organization’s risks are identified and managed effectively, ensuring that employees comply with the organization’s regulations and policies and that the assets of an organization are acquired properly and used efficiently. The auditor is charged with identifying the audit procedures to use; however, they must be approved by the management of the organization being audited.
This procedure involves an in-depth examination of physical and electronic records of an organization by the auditor. They include financial statements, receipts and invoices. The auditor checks for the accuracy and correctness of such documents. In small organizations, usually, there aren’t many documents, therefore, an auditor can go through all the documents; if there are many, the auditor chooses documents to analyze through random sampling.
This procedure involves the physical inspection of all the tangible assets of an organization. The auditor compares the company’s asset inventory register with the physical assets to ensure that the assets actually exist.
Calculation is a highly reliable audit procedure since the auditor is solely involved in generating the audit evidence. It involves recalculating figures in an organization’s financial statement to check for their accuracy and correctness.
Scanning entails critically reviewing accounting records of an organization with the aim of detecting errors, omissions or unusual entries. It involves scrutinizing entries in accounting documents to ascertain their authenticity and accuracy. During the scanning procedure, the auditor is on the lookout for unusual items, such as unauthorized debits on revenue accounts or fraudulent credits on expense accounts.
The auditor observes employees of the organization as they perform their daily duties. This helps the auditor to understand the processes of the organization being audited. This procedure is not reliable in that employees may increase their performance if they are aware they are being observed.
This involves the auditor reviewing minutes of management meetings with an aim of identifying pertinent issues discussed in these meetings that may affect the financial performance of the organization and the frequency in which the management meets. By reviewing the minutes the auditor is also able to check whether resolutions made in such meetings are actually implemented.
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