The 3 Types of Audit Tests

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Auditors perform 3 general types of tests: (1) risk assessment tests, (2) tests of controls, and (3) substantive procedures. Risk assessment tests focus on understanding the risk of material misstatement. Tests of controls are designed to assess whether the client's internal controls are effective - in particular, whether the internal controls would prevent a material misstatement, or detect and correct a material misstatement. Substantive procedures are used to detect material misstatements, and can be grouped into two categories: (1) tests of details (tests of transactions and tests of ending balances) and (2) substantive analytical procedures. —
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wow i have been working as a big4 professional auditor for over a year and although i have been working hard and have taken on lots of responsibilities, my understanding of the overall audit procedures is still poor (no time to sit down and absorb what we are doing at work). This video sums up what I have been doing for the past year. Thank you.

tsoliu

I like auditing because it doesn't just apply to financial statements, but to other aspects of business as well. I can relate these skills to assessing the risk of a tenant while I'm investing in real estate for example.

MyFinancialFocus

BEST EXPLANATION EVER! THANK YOU SO MUCH!

jjmmssvv

This is a great video. Thank you very much. It was very helpful.

lukewheatley

Hi are you able to teach us about CAATS .. thank you !! And videos are superb

serratiaroopnarian

Thanks for making this video! Very helpful!

aclin

Hi sir, tests of balances largely come from confirmation ?

andic

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