Audit Evidence and Documentation

 

1. Explain the relationship between materiality, audit risk and audit evidence
2. Describe the audit risk model
3. Understand the nature of the relationship between the components of audit risk
4. Explain the characteristics of accounts with high inherent risk
5. Describe the factors affecting the client and its environment
6. Identify factors that determine the auditors’ assessment of the risk of material misstatement
7. Identify the types of audit evidence and procedures
8. Understand the relationship between the assessment of the risk of material misstatement and audit evidence
9. Define audit procedures and understand their relationship to assertions
10. Identify and define audit procedures used for obtaining audit evidence
11. Identify the audit assertion tested by an audit procedure
12. Understand the reliability of the types of evidence
13. Know the objectives of audit documentation
14. Describe the function, content, and organization of audit documentation
15. Describe the purposes and types of analytical procedures

6.

During my training a couple of approaches were assigned to me such as calculating the porosity and permeability using different instruments for example DHP (Digital Helium Porosimeter) and DGP (Digital Gas Porosimeter) also VINCI which is used for unsteady-state processes, how inject mercury to samples and calculating the bulk volume of the sample using Archimedes law, CT scan which include several software’s for making videos of core sample to analyze the fractures and how it will affect the value of porosity and permeability, Formation Resistivity Factor ( capillary pressure) (appendix 2), permeability of fluids, flush cleaning using different solvents, and finally the dean stark which is about extraction of oil and water.

Consequently, the first week of training was about introduction to the company programs and services as well as the devices and process used in the laboratory.
Second week I started with the first task in CCA section which required the measurement of porosity by using DHP device (figure1). This task contain all the impotent measurements and calculation in porosity by using Boyle’s law (appendix, 1), also exporting the data in excel sheet to determine the capacity of core to hold fluids, and analyze the graphs with different behaviors (figure 1, appendix 2). Besides that, I also get a chance to use the VINCI device (figure 2) which is used for unsteady state process to get knowledge in how to determine several parameters in more accurate way such as porosity, permeability, pore volume, and bulk volume by sitting the pressure.

Moreover, the instrument calculate the pore volume and porosity by using the ideal gas law, also the pressure applied to the core is generated by high accurate hydraulic pump.
Nevertheless, in the same week I worked using DGP device (figure 3) which is specific for permeability measurement. The main factor of permeability is Darcy law (appendix 1), the important parameters of Darcy law are volume flow rate, viscosity, length, pressure difference, and area. Before starting the measurement of permeability we should determine the length and diameter of the samples in order to get the Area by using Fractional Caliper device.

7.

During the third week of training, I have been placed in SCAl section. This section is responsible for measuring the Formation resistivity factor (capillary pressure), permeability of fluids (K_W), MICP, and CT scan
I stared the third week by measuring the permeability of fluids (K_W) this process is done by particular device which called PCRI, by using this device we can set the value of volumetric flow rate until we get satiable value of pressure with constant temperature. On the other hand, the viscosity of the fluids is measure using the Viscometer. After that Darcy law is applied to calculate the value of permeability. The Darcy law has certain limitations which have to be considered for example laminar flow, and homogenous. The idea behind this process is to determine the water and oil initial saturation.
Similarly, during the same week I also get a chance to work in MICP (mercury injection and capillary pressure), this task deal with high and low pressure (figure 2, appendix 2) also using the Archimedes principle which state that the body immersed in a fluid and buoyed up by a force. In order to get the whole volume of the sample using mercury, this process is used with a small size of samples.

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