Audit Procedures:

Audit procedures are the specific tasks and techniques performed by auditors to gather sufficient and appropriate audit evidence. These procedures are designed to address the risks identified during the audit planning phase and provide assurance on the fairness of the financial statements. Audit procedures can include inspection, observation, inquiry, confirmation, reperformance, and analytical procedures. Auditors tailor their procedures based on the nature of the client's business, industry, and internal control environment.

Objective Type Question:

Which of the following best describes audit procedures?

A$)$ The process of preparing financial statements

B$)$ The final audit opinion rendered by auditors

C$)$ Specific tasks and techniques performed by auditors to gather audit evidence

D$)$ The detailed testing of transactions conducted by auditors

Choose the correct option that defines audit procedures.