Carrying out internal audit - part 2
Taught by Peter Woolley · AI tutor support included
In this lesson, you'll learn how internal auditors gather evidence and test controls to verify that financial information is accurate and reliable.
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In this lesson
- 0:00 Understanding internal audit procedures
- 0:29 Walkthrough tests and confirming systems
- 1:00 Substantive versus controls-based approaches
- 2:00 Deciding between audit methodologies
- 3:08 Substantive testing techniques explained
- 4:02 Analytical review and big picture analysis
- 5:31 Audit sampling and managing limitations
- 6:29 Audit sampling in practice scenario
About this lesson
You'll discover the two main audit approaches—controls-based testing (where you rely on strong internal systems) and substantive testing (where you examine the numbers directly)—and when to use each one. The lesson covers practical techniques like walkthrough tests, sampling methods, and analytical review, all essential for the Audit and Assurance (AA) paper. By understanding these procedures, you'll be able to plan audit work efficiently, manage risk through sampling, and provide meaningful recommendations to improve business controls.
Duration: 8m
Transcript
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