Lesson: Work Completed During the Testing Stage

In this lesson, Nick Palazzolo discusses the various items that need to be completed by auditors during the testing stage of an audit. Some of these tasks include identifying and testing specific control activities, understanding evidence, assessing substantive tests, evaluating the reasonableness of accounting estimates, and inquiring third parties. The lesson emphasizes that these tasks are not performed during the planning stage and should only be undertaken during the testing stage. Furthermore, the lesson highlights some examples of substantive procedures, such as testing sales and purchases, evaluating audit samples, and searching for unrecorded liabilities.