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Financial audit
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Compliance audit
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Computation (recalculation)
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Check of the arithmetical accuracy of the accounts and budget reports
Check figures in the balance sheet and notes to the output of the underlying IT systems and/or supporting documentation used as the basis for the figures in the accounts
Verification of correct consolidation (e.g. elimination of intra-group transactions, consolidation entries and arithmetical accuracy), where appropriate
Arithmetical checks of off-balance sheet commitments
Check of the consistency of the balance sheet and economic outturn account with the trial balance
Check of the consistency of segment reporting with the economic outturn account
Verification that the opening balance sheet of the current year corresponds to the closing balance sheet of the previous year
Reconciliation between the budgetary outturn and the economic outturn
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Reperformance of calculations regarding claims, grants, etc.
Arithmetic checks of amounts, e.g. on an invoice
Reconciliation of the cost claim with underlying accounting records
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Analysis (excl. analytical review)
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Analyses and reconciliations of accounts and/or balances
Analysis of significant or unusual movements in individual accounts
Analysis of reconciliations performed by the entity, e.g. bank reconciliations
Analysis of budgetary execution
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Analysis of findings of work by internal and other auditors
Analysis of legal basis, legal and budgetary commitments, eligibility, tendering procedures
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Inspection and observation
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Examination of any modifications to the accounting rules
Tests of individual items of commitments, payments and of certain balance sheet items
Check that selected transactions have been correctly entered in the accounts
Examining material journal entries and other adjustments made while the financial statements were being prepared
Verification of execution of payments - that selected transactions have been correctly entered in the accounts and the corresponding payments have been made to the designated beneficiary, for the correct amount and according to the procedure laid down in the regulations
Follow-up of reports by IAS concerning the reliability of the accounts
Examination of reports drawn up regarding outstanding commitments
Inspection of the correct recording and valuation of pre-financing and invoices/cost statements not paid at year-end and related guarantees received
Check of cut-off operations (especially accrued charges)
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Inspection of physical assets
Examination of
- contracts
- claims
- ex-ante and ex-post control reports
- audit reports (internal and external)
- monitoring reports
Examination of supporting documents, e.g. invoices, public procurement documents, cost-benefit analysis, records by animals and manure, orthophotos, records of beneficiaries and land parcels
On-the-spot checks
Verification of payments - that selected payments have been made to the designated beneficiary, for the correct amount and according to the procedure laid down in the regulations.
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Enquiry and confirmation
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Enquiry of auditee management and staff
Confirmation of bank balances
Confirmation of receivables
Confirmation with third parties (e.g. legal counsel for outstanding court cases that may need to be disclosed as contingencies)
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Enquiry of auditee management and staff
Confirmation of bank balances
Confirmation of receivables
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