Matching Audit Procedures to Specific Assertions


1. tracing (start from source docs to financial statements)
2. analytical review procedures (how certain items might be omitted from account balance)
3. observation (processes & procedures)


1. cutoff procedures

Valuation, Allocation & Accuracy

1. Inspection (documentation supporting transactions)
2. footing & cross footing
3. independent recalculation
4. reconciliation (schedules to GL line items)

Existence & Occurrence

1. confirmation (with 3rd parties)
2. observation, inspection & examination (assets, processes & procedures)
3. vouching (financial statements to supporting docs)

Rights & Obligations

1. inspection (documentation supporting transactions, inspection of contracts)

Understandability & Classification

1. inspection of documentation supporting transactions
2. review of related disclosures for GAAP compliance
3. inquiry of management (regarding disclosures)