Introduction — Detailed Relevant IAS Statements Ist Level — Decision Structure


Management assurances are the basis for developing audit objectives and audit test methods. In order to make an audit operational, a break up of general audit objectives into detailed audit objectives for specific accounts is necessary. Specific accounts and typical workflow procedures are classified into different audit sections, audit objectives related to the audit sections are defined and tests for accounts and procedures are assigned. Audit sections divide and regroup balance sheet and profit and loss account captions into economically linked audit sections. Over time, audit theory and practice has evolved standard audit sections with standardised audit objectives and procedures.109 The classifications are sometimes different in their detail, for example intangibles may be part of the property, plant and equipment audit section or the prepayments audit section, but this is mainly a shift in headings, the audit objectives and audit test are practically the same.


Audit Firm Management Assurance Specific Account Standard Audit Audit Objective 
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© Betriebswirtschaftlicher Verlag Dr.Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

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