Audit evidence - terms of their reliability

Assignment Help Auditing

Reference no: EM13184349

For each of the following combinations of audit evidence, rank the items in terms of their reliability:

A Bank statement from the entity's records

B Bank statement sent directly to the auditor

C Cash at bank ledger

D Audit firm conducts the physical count of inventory

E Internal audit reports on the physical count of inventory

F Auditor supervises internal audit conducting the physical count of inventory

G Management provides a representation letter on the accuracy of valuations

H The auditor receives a letter from the agent who conducted the valuation confirming its accuracy

I The auditor hires an independent agent to confirm the valuation

J The auditor conducted an inventory count two months before reporting date

K Internal audit conducted an inventory count 3 days before reporting date

L Internal audit conducted a supervised inventory count on reporting date

M Management assured the auditor of the probable outcome of a pending court case

N The entity's lawyers assured the auditor of the probable outcome of a pending court case

O The auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case

Reference no: EM13184349

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