Week 3 topic 1 review

Marisol
The basic audit procedures are to gather as much substantial evidence that pertains to the banking industry. “The auditor must plan and perform audit procedures to obtain sufficient appropriate audit evidence to provide a reasonable basis for his or her opinion” (“AS 1105: Audit Evidence,” 2017). Relevance and reliability are key when deciding what type of evidence to use. 
In the 1900’s there were many bank failures that had to do with fraudulent transactions. This document talks about how strict measures on audit procedures have made a big difference on banks today. There needs to be sufficient and accurate audit evidence (“Keiser University,” 2011). Documentation, analytical procedures, repeformance and observation are the types of procedures required for this audit. For example, checking accounts and loan balances. 
References:
AS 1105: Audit Evidence. (2017). Retrieved from 
   https://pcsobus.org/Standards/Auditing/Pages/AS1105.aspx
Keiser University. (2011). Retrieved from https://search-proquest-com.prx-keiser.lirn.net/pqrlbusiness/docview/1701618908/52BDBBDF81C14E58PQ/2?accountid=35796

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