Lectures 1 & 2

Look at every transaction

Test the adequacy of all internal controls

Assess significant estimates and assumptions

Examine accounting records, documents, and tangible assets

Observe processes or procedures being performed

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

Check every figure in the financial report

Test some internal controls

Audit other information such as the directors' report

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

Obtain written confirmations

Ask formal and informal questions