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Celyn
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Joined: 17 Sep 2010
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Posted: 28 Apr 2011 at 20:44 \| IP Logged

I read on a website that it means to apply additional audit
procedures (pretty vague, if you ask me). What exactly
does it mean? Wiley uses it in the term "to foot and
extend"? Thanks.

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Scmang3
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Joined: 04 Apr 2011
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Posts: 64

Posted: 01 May 2011 at 15:02 \| IP Logged

Becker keeps using hte term NET

Nature
Extent
Timing,

I think when they mean to extend, it could be signifying that additional procuedres are necessary, meaning that they cannot rely on IC as much and so the auditors need to obtain more evidence to gain assurance.

I have no idea what "to foot" means.

Celyn
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Posted: 01 May 2011 at 15:06 \| IP Logged

I thought foot just meant adding up columns?

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MAEaspiringCPA
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Joined: 25 Apr 2010
Location: United States
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Posts: 88

Posted: 01 May 2011 at 15:43 \| IP Logged

i made a research, it means "to multiply". im waiting for other people to comment because im not sure, never done an audit :)

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MAEaspiringCPA
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Joined: 25 Apr 2010
Location: United States
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Posts: 88

Posted: 01 May 2011 at 15:51 \| IP Logged

let me quote

"extend means to multiply one number by another (to test extensions is to test the accuracy of multiplication done by the client). To extend audit procedures is to apply additional audit procedures to obtain more evidence."

http://www.ais-cpa.com/glosa.html

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