PTSS | Chapter 2: Audit Evidences

 

Introduction 

ISA 500 defines Audit Evidence as:

“Information 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. (See Sufficiency of audit evidence and Appropriateness of audit evidence.)”

Evidential matter is necessary to support the assertions in the financial statements. Evidential matter consists of underlying accounting data such as books or journal of original entry and all corroborating information available to the auditor. Underlying evidence for the most part is available to the auditor from within the company. It consists of the accounting data from which the financial statements are prepared, and includes journals, ledgers, computer files, accounting manuals, memoranda, worksheets and spreadsheets supporting items such as cost allocations, computations, and reconciliations.

Our Discussion on this topic

Prepared by Najhan Amani binti Mohd Dzahar (18DAT18F1021) | Noor Nadiah binti Mohd Suhaimi(18DAT18F1019) 

Prepared by Siti Sarah Najiha Binti Besri 18DAT18F1011 | Phon Pi Mon A/P Boon Loy 18DAT18F1031 | Phamayla A/P Kam 18DAT18F1023

Prepared by Muhammad Zahir Afiq bin Zulkiflee 18DAT18F1062 | Ahmad Aizzat bin Abdul Karim 18DAT18F1027 | Wan Muhammad Arif Iman bin Wan Nor Azizey 18DAT18F1029

Prepared by Muhammad Firdaus | Aziah Yasmin | Shalini

Prepared by Nurul Atika Binti Zulkarnain (18DAT18F1017) | Nur Raisyah Aqifah Binti Mohd Rozi (18DAT18F1037) | Anis Syahira Binti Rohaizat (18DAT18F1035)

     

Conclusion

    Audit evidence is information used by the auditor in arriving at the conclusions on which the auditor’s opinion is based. It comprises source documents and accounting records underlying the financial report, and corroborating information from other sources. Audit evidence is gathered through all stages of an audit.