What are the attributes of audit evidence?

What are the attributes of audit evidence?

What are the attributes of audit evidence?

What are the attributes of an audit evidence? The qualities of good audit evidence are determined in relation to its relevance, reliability, and Sufficiency. Reliability of audit evidence Documentary evidence is more reliable than oral evidence. Auditor’s own evidence is more reliable than those of others. Original evidence is more reliable than photocopies.

What are the 8 types of audit evidence? Types of Audit Evidence
Physical examination. Physical examination consists of auditors physically verifying the existence of various assets.
Confirmations.
Documentary evidence.
Analytical procedures.
Oral evidence.
Accounting system.
Reperformance.
Observatory evidence.
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What are the types of audit evidence? In this chapter, let us understand the different types of evidence used in Auditing.
Accounting System. Accounting System of an organization must be reliable.
Physical Evidence.
Documentary Evidence.
Journals and Ledgers.
Oral Evidence.
Subsequent Events.
Circumstantial Evidence.
Ratios.
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What are the attributes of audit evidence? – Related Questions

What is the importance of audit evidence?

Audit evidence is important because it is all the information that an auditor gathers to reach his audit opinion about an organization’s financial statements and/or internal control environment.

What is the strongest form of audit evidence?

observation
Because this form of audit evidence is generated by the auditor, not by the entity being audited, observation is considered to be strong evidence for existence.

What are the 7 audit assertions?

Companies must attest to assertions of existence, completeness, rights and obligations, accuracy and valuation, and presentation and disclosure.

How do you gather audit evidence?

Audit procedures to gather audit evidence can include inspection, observation, confirmation, recalculation, re-performance, and analytical procedures, often in some combination, additionally to an inquiry.

What is reliable audit evidence?

The reliability of evidence depends on the nature and source of the evidence and the circumstances under which it is obtained. For example, in general: Evidence obtained from a knowledgeable source that is independent of the company is more reliable than evidence obtained only from internal company sources.

What are the audit techniques?

Auditing – Audit Techniques
Vouching. When the Auditor verifies accounting transactions with documentary evidence, it is called vouching.
Confirmation.
Reconciliation.
Testing.
Physical Examination.
Analysis.
Scanning.
Inquiry.
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What are the three types of audit evidence?

Types of Audit Evidence
Financial statements,
Accounting information.
Bank accounts.
Management Accounts,
Fixed Assets Register,
Payrolls Listing,
Banks Statements,
Bank confirmation,
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What is the document of evidence in auditing?

Audit documentation refers to the records or documentation of procedures that auditors performed, the audit evidence that they obtained and the conclusion that makes by them based on the evidence obtained. Audit documentation is sometimes called audit working paper or working paper.

What are the limitations of audit evidence?

The quality and quantity of evidence is constrained by the following factors: a) Absolute proof is not possible; b) Some assertions are not material; c) Time and cost must be considered as accounts must be produced within certain time scales and the auditor may have to do with less than perfection, and ideal evidence

What are the factors that affect the reliability of evidence?

The six characteristics of reliability that determine the evidence are independence of provider, effectiveness of clients internal controls, auditors direct knowledge, qualifications of individuals providing the information, degree of objectivity and timeliness.

Why external evidence is more reliable than internal evidence?

External evidence is considered more reliable than internal evidence because external evidence has been in the hands of both the client and another party, implying agreement about the information and the conditions stated on the document.

Which of the following is a type of audit?

There are many types of audits including financial audit, operational audit, statutory audit, compliance audit and so on.

Which of the following is a type of audit procedure?

Typically, five types of audit procedures normally use by auditors to obtain audit evidence. Those five audit procedures include Analytical review, inquiry, observation, inspection, and recalculation.

What are the 4 types of assertion?

These include Basic Assertion, Emphathic Assertion, Escalating Assertion and I-Language Assertion (4 Types of Assertion).

What are the five audit assertions?

The following five items are classified as assertions related to the presentation of information within the financial statements, as well as the accompanying disclosures:
Accuracy.
Completeness.
Occurrence.
Rights and obligations.
Understandability.

What are analytical procedures in an audit?

Analytical procedures are a type of evidence used during an audit. Analytical procedures involve comparisons of different sets of financial and operational information, to see if historical relationships are continuing forward into the period under review.

What is audit evidence and examples?

Auditing evidence is the information collected by an auditor to ascertain the accuracy and compliance of a company’s financial statements. Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts.

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