(i) Inspection of Records or Documents

It consists of examining records or documents whether Internal or external, in paper form, electronic form, or other media. Inspection provides Evidence of varying degrees of reliability depending on their nature and source and in the case of internal records, on effectiveness of controls over their production.

(ii) Inspection of Tangible Assets

It consists of physical examination of the assets. It may provide reliable Audit evidence of their existence cannot necessarily about other assertions.

(iii) Inquiry

It means seeking information of knowledgeable persons throughout the entity or outside the entity. Those may be formal written or informal oral. It provides an Auditor with new information or corroborative evidences. It may also bring to high information different from the one possessed by the auditor. Certain oral inquiries might be got confirmed through written representations.

(iv) Confirmations

It is a specific type of inquiry. It is the process of obtaining a representation of information or an existing condition directly from a third party. Confirmations are sought from debtors, creditors, bankers, legal advisors etc.

(v) Recalculation

It consists of checking the mathematical accuracy of documents or records. It can be performed through use of information technology.

(vi) Re-performance

It is the auditor’s independent execution of procedures or controls that were originally performed as part of the entity’s internal control, either manually or through the use of CAATs, for example, reperforming the aging of accounts receivable.

(vii) Analytical procedures

It consists of evaluations of financial information made by a study of plausible relationship among both financial and non-financial data. It includes investigation of significant fluctuations found and the relationship that are inconsistent.