Lectures 1 & 2

Test the adequacy of all internal controls

Assess significant estimates and assumptions

Check every figure in the financial report

Observe processes or procedures being performed

Test some internal controls

Judge the appropriateness of business activities, strategies, or directors' decisions

Audit other information such as the directors' report

Examine accounting records, documents, and tangible assets

Comment to shareholders on the quality of directors, management, governance, or risk management procedures and controls

Look at every transaction

Obtain written confirmations

Ask formal and informal questions