😍WELCOME TO OUR BLOGSPOT 😍
CONTENT CREATOR :
1. THEANMOLI A/P PARMASIVAN ( 10DAT18F2007)
2. TAUFIK ALI BIN MOHAMMED MASOOTHU (10DAT18F2013)
3. UMATHEIVI A/P ELANGON (10DAT18F2053)
4. KEVISTHIRRA A/P ASOGAN (10DAT18F2058)
5. SHALINI A/P JAYASANGAR (10DAT18F2072)
👇 WE WILL DISCUSS ABOUT AUDIT EVIDENCE 👇
WHAT IS AUDIT EVIDENCE ?
Audit evidence refers to information or data that use or collect by auditors as part of their audit works so that they could conclude their opinion on whether or not financial statements are prepared in all material respect and in accordance with the applicable financial reporting frameworks.
Sufficient and appropriate audit evidence is important for the auditor to form audit opinions. Audit Risks that auditors might face also depend on audit sufficient and appropriate evidence.
Audit evidence is obtaining by the auditor throughout all of the audit stages including the planning stage, execution stage, as well as conclusion stages. And to gather this evidence, the auditors use many different technologies and procedures suitable for them.
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.
FOR MORE INFORMATION ABOUT AUDIT EVIDENCE
sway : - https://sway.office.com/VEgrrOhImarOYCcc?ref=Link
facebook :- https://www.facebook.com/mypolyaudit
polyaudit :- https://mypolyaudit.weebly.com/audit-evidence.html
Working paper >>>
Group 1 : What is the definition of audit evidence ?
Group 3 : What is the types of the audit evidence ?
Group 4 : Explain the audit procedures.
Group 5 : What is the characteristic of audit evidence ?
Group 6 : List down the types of audit evidence.
Group 7 : Justify the audit evidence.
Group 8 : What is the quality of audit evidence
Thank You Guys for visit our page
Good luck guys !!!
Comments
The quality of audit evidence is very important to make sure that the conclusion that makes by the auditor is correct. If the information is not strong or low quality, the audit risks of making incorrect audit opinions are high.
The quality of audit evidence is dependent mainly on the form and source of the evidence.
Auditing evidence is the information collected for review of a company's financial transactions, internal control practices, and other items necessary for the certification of financial statements by an auditor or certified public accountant (CPA)
Evidence in an audit requires a few characteristics to be considered valid. The characteristics are as follows:
Nature refers to the type of information received. It can be received in many forms – presentations, orally, or through physical records.
Relevance refers to the pertinence of the information to provide an opinion.
Reliability refers to determining whether the material can be trusted or relied upon to form an opinion. The source of the information needs to be considered.
Source refers to whether the accounting evidence was obtained directly from the audited company or an external source. External source information is preferable since it is less subject to manipulation than internally sourced information.
Sufficiency refers to whether the information provided is enough to provide an opinion or make an accurate judgment.
Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor's opinion. Audit procedures are used to decide whether transactions were classified correctly in the accounting records. Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit evidence which enables them to make a conclusion on the set audit objective and express their opinion. Sometimes we call audit procedures audit programs.
audit evidence obtained will only be useful in reducing to an acceptably low level the risk that the auditor could express an inappropriate opinion when the financial statements are materially misstated and, therefore, allow the auditor to draw reasonable conclusions, when it is sufficient and appropriate to the circumstances.
audit evidence obtained will only be useful in reducing to an acceptably low level the risk that the auditor could express an inappropriate opinion when the financial statements are materially misstated and, therefore, allow the auditor to draw reasonable conclusions, when it is sufficient and appropriate to the circumstances.
1)Financial statements
2)Accounting information
3)Bank accounts.