Audit Evidence

Identify the types of audit evidence?

• Relevance

• Confirmation

• Independence

Describe what is physical examination?

• Receipt of a direct written response from a third parties verifying the accuracy of the information that was requested by auditor

• Inspection or count by the auditor of a tangible asset

• Rechecking a sample calculations made by a clients

What will increase the reliability of evidence?

• Confirmation

• Amount of information

• Effective control

Select two assets

• Cash in bank

• Shares outstanding

• Account payables

• Notes receivables

Specifically why gather evidence?

• Assess control

• Documentation

Identify one of the basis of comparison

• Result of repeated experiments

• Party or parties evaluating evidence

• Jury and judge

What are the ways of gathering evidence?

• Observation

• Reliable

Select two characteristics of reliable evidence

• Confirmation

• Combine effect

• Independence of provider

• Degree of objectivity

Identify the audit evidence decision?

• What item related to audit report

• When to perform audit procedures

What is mean by "timeliness"

• When it is accumulated or to the period covered by audit

• Requires considerable judgement to determine whether it is correct