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Difference Between Audit Procedure & Audit Technique
Difference Between Audit Procedure & Audit Technique
Now in order to perform audit procedure like Vouch the Credit Sales Transaction,
Sampling & External Confirmations etc are audit technique.
In short,
Audit Procedure means What you have to do.
&
Audit Technique means How you will do it.
Following are the audit techniques as per Chapter 5 of CA Final Study Material
1.
2.
3.
4.
Confirmations;
Enquiry;
Observation;
Analytical review procedures.
Most of the time in CA Final Examination, the ICAI asks the question like Audit
Procedure for conducting audit of Receivables, Fixed Assets, Payables etc.
Few things students should keep in mind while answering the same.
3. Following are some points that may be written in common to all Audit
Procedures answers.
A) Enquiry of the management;
B) Obtain the Written Representation in accordance with SA 580 from the
appropriate level of the management; &
C) The auditor may modify his opinion in accordance with SA 705 (The last
point in answer).