CHAPTER 2 : AUDIT EVIDENCE
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❝ BEING AN AUDITOR IS EASY. IT'S LIKE RIDING A BIKE, EXCEPT THE BIKE IS ON FIRE. YOU'RE ON FIRE. EVERYTHING IS ON FIRE !! ❞
👧 NUR FARAHIN BINTI RAHMATHULLAH (10DAT17F2009)
👦 BALAMURGHAN A/L SARAVANABAVAN (10DAT17F2050)
👧 HARSHINNI A/P CHANDRAN (10DAT17F2013)
OUR BLOG IS ABOUT AUDIT EVIDENCE ➽
AUDIT EVIDENCE
DEFINITION ⇏
➸The information obtained by the auditor in arriving at the conclusions on which the audit opinion in based.
➸ It comprise source documents and accounting records underlying the financial statements and corroborating information from other sources.
➸ Any information use by the auditor to determine whether the information being audited is stated in accordance with the established criteria.
ISA 500
Information is used by the auditor in arriving at the conclusions on which the auditor's opinion is based. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information.
Do click this link to view our senior's slide about audit evidence ⬇
http://mypolyaudit.blogspot.com/2019/01/back-audit-up-audit-evidence.html
Do watch this video to know more about audit evidence ⬇
ULASAN VIDEO : https://www.facebook.com/mypolyaudit/videos/532491394052873/
1. Auditors Liability: Types of Auditors Liabilities [Assignment] Definition of Auditors Liability. An auditors liability or responsibility is to provide reasonable assurance that a reporting entity's financial statements are free of material misstatements, whether due to error or fraud.
3. The legal requirements in this context are quality and product-related, not health, safety, or environment-related. Auditors must first identify the applicable legal requirements for the area to be audited. Ask the legal staff, contract group, and audited area itself about any process or product legal requirements.
CONCLUSION ➽
➪ Audit evidence is information used by the auditor in arriving at the conclusions on which the auditor's opinion is based.
➯ Audit evidence is gathered through all the stages of an audit.
➯ The auditor can use the seven types of audit evidence related to the eight characteristics or factors determining evidence competence.
🎉 POP QUIZ 🎉
1. List down types of audit evidence
2. Importance of audit paper work
3. 5 audit procedure for obtaining audit evidence
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Comments
1. Physical examination
2. confirmation
3. documentation
4. analytical procedures
5. inquires of the client
6. recalculation
7. re-performance
8. observation
> are necessary for audit quality control purposes. provide assurance that the work delegated by the audit partner has been properly completed. provide evidence that an effective audit has been carried out. increase the economy, efficiency, and effectiveness of the audit.
increase the economy, efficiency, and effectiveness of the audit
contain sufficiently detailed and
up-to-date facts which justify the reasonableness of the auditor’s conclusions.
-physical examination
-confirmation
-documentation
-analytical procedures
-inquiries of the client
-re-performance
-observation
- observation
- re-performance
- recalculation
- physical examination
- confirmation
- inspection
- analytical procedure
- client inquiries
1.physical examination
•used for tangible assets
•to verify existence
2.confirmation
•written response from third party
•letter signed by client but received by auditor
3.mathematical of computation
•recalculation
4.documentation
•examination-client support document
•internal or external document
5.inquiries of the client
•oral or written information from client
•confirmation by other sources
6.analytical review procedure
•comparisons of recorded amounts
•industry averages, auditor’s understanding
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