Review Chapter 2: Audit Evidence (PSP_DAT5Bjune2020)
Assalamualaikum and Salam Sejahtera.
Welcome to our blog ✋
CHAPTER 2 : AUDIT EVIDENCE
Group member:😀
1)Muhammad zambri bin shamsudin (10dat18f1069)
2)NurFarahin Bt Norazmi(10dat18f1040)
3)Syazwani athiqah binti Hasnan(10dat18f1112)
4)Wong Xhin Chee(10DAT18F1036)
5)Vimala veloosamy (10DAT18F1082)
Our discussion in this chapter at facebook live
https://web.facebook.com/mypolyaudit/videos/4136958723041327/
Our slide 😆
Youtube 👇
https://youtu.be/8k3g1gIWc8Q
Extra Information 💪
Ways to collecting audit evidence
-Inspection
-External Confirmation
-Documentation
-Recalculation
-Reperformance
-Analytical Precedures
-Inquiry
https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.iedunote.com%2Faudit-evidence&psig=AOvVaw2Z6LScn3u1G1Z8Ma7bpN2_&ust=1597833526230000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCMD2_YDIpOsCFQAAAAAdAAAAABAD
- Extra video
https://youtu.be/Fga7JV-5zhs
we believe you all can do it
Question 😎
1. WHAT IS THE DEFINATION OF AUDIT EVIDENCE?
2. WHAT IS THE PURPOSE OF AUDIT EVIDENCE?
3.THERE ARE 8 TYPES OF AUDIT EVIDENCE. EXPLAIN 1 OF THEM.
4. THERE ARE 2 AUDIT PROCEDURES. LISTS DOWN THE 2 PROCEDURES
5.RISK OF MISTATEMENT IS ONE OF THE FACTOR TO BE CONSIDERED IN COLLECTING AUDIT EVIDENCE. WHAT IS THE EXPLAINATION OF RISK OF MISSTATEMENT?
6.THE REASON OF AUDITORS PERFORM SUBSTANTIVE PROCEDURES IS ?
7.WHAT IS THE PURPOSE OF SETTING ASSERTION?
THANK YOU😘
Comments
1) Audit evidence is cumulative in nature and is primarily obtained from audit procedures performed during the course of an audit.
2) The purpose is to supports and verifies the final information provided by management in the financial statements. Thus, To contradict if there are errors or fraud in financial statements.
3) types of audit evidence :
- Confirmation, Documentary evidence from a third parties to confirm the accuracy of certain information
1. Audit evidence is cumulative in nature and is primarily obtained from audit procedures performed during the cost of an audit.
2. To supports and verifies the final information provided by managements in the financial statements.
3. Recalculation : The results from the recalculation of item in various documents, e.g. recalculation of depreciation amount.
4. i) Risk Assessment Procedures
ii) Further Audit Procedures
5. The risk of misstatement assessed by, whereby: the higher the risks, the more audit evidence is needed.
6. To gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction
7. To let readers to feel that they should not disagree or dispute what they read or hear; rather, they should accept the idea or notion as an indisputable fact.
1. The definition of audit evidence is 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.
2. The purpose of audit information that can be used by auditors to make their decision on the quality and accuracy of a company’s financial statements. Another purpose is to contradict if there are errors or fraud in financial statements.
3. Objective is one of the type of audits and objective is the activities witnessed by the auditors and for an example the clients’ policy to segregate two different duties.
4. The audit procedures are risk assessment procedures and further audit procedures.
5. Risk of misstatement is the risk of misstatement assessed by, whereby: the higher the risks, the more audit evidence is needed.
6.Auditors performs substantive procedures because to gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction.
7. The purpose of setting assertion is to let readers to feel that they should not disagree or dispute what they read or hear rather they should accept the idea or notion as an indisputable fact.
1.Audit evidence as all information used by an auditor in arriving at the conclusion on which the auditor's opinion based.
2. To supports and verifies the final information provided by managements in the financial statements.
3.Enquiry- the written or oral responses from clients, employess or third party. For example the information regarding the client's internal control system.
4. Risk assessment procedures and further audit procedures
5. The risk misstatement assessed by the auditor, whereby: the higher risk, the more audit evidence is needed.
6.To gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction and also to detect material misstatement.
7. To let readers to feel that they should not disagree or dispute what they read or hear; rather they should accept the idea or notion as an indisputable fact.
2) Purpose of audit evidence is to supports and verifies the final information provided by managements in the financial statements.
3) Confirmation - Documentary evidence from a third party to confirm the accurancy of certain information. For an example, bank confirmation.
4) Risk Assessment Procedures and Further Audit Procedures
5) The risk of misstatement assessed by , whereby:the higher the risk , the more audit evidence is needed.
6) To gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction.
7) Purpose of setting assertions is to let readers to feel that they should not disagree or dispute what they read or hear; rather,they should accept the idea or notion as an indisputable fact.
1) Audit evidence is the 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.
2) Purpose of audit evidence is to supports and verifies the final information provided by managements in the financial statements.
3) 1 types of audit evidence which is observation . The activities witnessed by the auditors, eg: the clients policy to segregate two different duties .
4) 2 audit procedures 1) Risk Assessment Procedures 2) Further Audit Procedures
5) The risk of misstatement assessed by , whereby the higher the risk , the more audit evidence is needed.
6) To gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction.
7)The Purpose of setting assertions is to let readers to feel that they should not disagree or dispute what they read or hear; rather,they should accept the idea or notion as an indisputable fact.
1) Audit evidence refers to information or data that use or collect by auditors as part their audit works to conclude their opinion on whether or not financial statements are prepared in all material respect and in accordance with the applicable financial frameworks.
2)To supports and verifies the final information provided by managements in the financial statements.
3) Reperformance.The results from reperformance of procedures or controls, e.g. reperformance of bank reconciliation
4) i.Risk Assessment Procedures
ii.Further Audit Procedures
5)The risk of misstatement assessed by, whereby: the higher the risks, the more audit evidence is needed.
6)To gather evidence regarding the underlying assertions that are embedded in the account balances and underlying classes of transaction
7)To let readers to feel that they should not disagree or dispute what they read or hear; rather, they should accept the idea or notion as an indisputable fact