What are audit procedures?

Audit procedures are the methods that auditors use for obtaining audit evidence to form a basis for their opinion on financial statements. Likewise, audit procedures are performed in order to test various audit assertions related to different class of transactions and account balances.

What are the 5 audit procedures?

Those five audit procedures include Analytical review, inquiry, observation, inspection, and recalculation. Analytical review is not the procedure that uses to obtain audit evidence. Still, the procedure is used to assess the unusual transactions or events as the principle or basic to perform other procedures.

Why do auditors perform different types of audit procedures?

Likewise, audit procedures are performed in order to test various audit assertions related to different class of transactions and account balances. Auditors need to perform different types of audit procedures in order to obtain sufficient appropriate audit evidence.