Audit procedures - part 2

In this lesson

1. 0:00 Understanding financial statement assertions
2. 0:30 Testing completeness through analytical review
3. 1:03 Post year-end items and cut-off testing
4. 2:29 Rights and obligations assertion explained
5. 3:34 Valuation techniques and expert confirmations
6. 4:41 Existence assertion and physical inspection
7. 6:12 Occurrence and supporting documentation
8. 7:31 Accuracy, disclosure, and classification
9. 8:22 Structuring detailed audit procedures
10. 10:27 Applying the action-evidence-purpose framework

About this lesson

Understanding the link between assertions—completeness, existence, rights and obligations, valuation, occurrence, accuracy, and disclosure—and the procedures you design is essential for passing audit papers like AA and AAA. You'll explore practical audit techniques including post year-end testing, cut-off procedures, third-party confirmations, recalculation, and inspection, then learn how to structure your answers using a clear framework: action, item, what you're testing for, and why. The key takeaway is moving beyond generic procedures like "check sales" to specific, detailed instructions that would guide an audit team member precisely on what to do and which assertion they're verifying.

Duration: 12m