Question

Further audit procedures include:

a) Risk assessment procedures
b) Audit planning
c) Tests of controls
d) Diagrams of transaction cycles

Answer 1

Further audit procedures, including risk assessment procedures, audit planning, tests of controls, and diagrams of transaction cycles, are essential in the audit process.

Step-by-step explanation:

The further audit procedures mentioned in the question are risk assessment procedures, audit planning, tests of controls, and diagrams of transaction cycles.

Risk assessment procedures involve assessing and identifying the risks associated with an organization's financial statements. This step helps auditors determine the areas that require more attention during the audit process.

Audit planning involves developing an overall strategy and detailed plan for the audit, including determining the scope, nature, and timing of the audit procedures.

Tests of controls are procedures carried out to evaluate the effectiveness of internal controls in place within an organization.

Diagrams of transaction cycles can be used as visual aids to understand how transactions flow through an organization's accounting system.