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  • Assurance Buckets Help Auditors Determine Testing Mix

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    Kia Potts
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    Assurance buckets help auditors determine the appropriate mix of testing and evidence for an audit by representing different audit assertions as buckets of varying sizes. The sizes depend on the assertion being assessed and its risk level. Auditors first identify risks through completeness procedures then evaluate each bucket's size based on the assertion's risk. They then fill the buckets by applying a test hierarchy to gather sufficient evidence.

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    Assurance buckets help auditors determine the appropriate mix of testing and evidence for an audit by representing different audit assertions as buckets of varying sizes. The sizes depend on the assertion being assessed and its risk level. Auditors first identify risks through completeness procedures then evaluate each bucket's size based on the assertion's risk. They then fill the buckets by applying a test hierarchy to gather sufficient evidence.

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    7 просмотров1 страница

    Assurance Buckets Help Auditors Determine Testing Mix

    Загружено:

    Kia Potts
    Assurance buckets help auditors determine the appropriate mix of testing and evidence for an audit by representing different audit assertions as buckets of varying sizes. The sizes depend on the assertion being assessed and its risk level. Auditors first identify risks through completeness procedures then evaluate each bucket's size based on the assertion's risk. They then fill the buckets by applying a test hierarchy to gather sufficient evidence.

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    © All Rights Reserved
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    из 1

    4915-5-14RQ

    AID: 1825 | 28/06/2013

    Assurance Buckets
    Assurance buckets help an individual to know how an auditor makes a decision on the
    appropriate mix of testing and evidence. The mix includes risk assessment procedures,
    substantive analytical procedures, and test of details. The sizes of bucket differ from
    one another. It depends upon assertions and assessments. Assertions may be of
    completeness, accuracy, cutoff, presentation, disclosures, valuation, rights,
    obligation, and existence or occurrence.
    Some buckets are larger in size than others; this is due to the assertion level. After the
    completeness of risk assessment procedures, the auditor identifies the risks involved in an
    account balance, and then evaluates the size of bucket. Finally, the auditor starts filling
    the buckets with the help of applying audit test hierarchy.

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