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 slide about audit evidence ⬇

http://bit.ly/auditslide

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.

2. Under common law, an auditor can be held liable to its clients for negligence, gross negligence, con- structive fraud, and fraud. Due to the substantive amount of damages that a client can collect in a tort action, clients of auditors would be well advised to gear into tort claims rather than contractual ones.
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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