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1.Observation
Existence of entries
Operational behaviours of the financial manager
Counting of cash in hand
2.Inquiry
May involve interviewing or written reports
3.Confirmation
Obtaining of written reports from institutions outside the organization or other individuals e.g. supplies etc..
4.Retracting Data Processing
Usually made when one wants to discover an error made in an accounting process.
5.Re-computation
Re-calculating the results
6.Vouching
Examination of documents e.g. invoices, payment vouchers etc..
7.Ratio and Trend Analysis
- Involves compiling the ratios of financial statements for the year in question and compacting those with the previous years.
Titany answered the question on August 20, 2021 at 12:01
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