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Discuss what is meant by appropriate and sufficient

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Reference no: EM133005091

Question - ISA 500 requires the auditor to gather 'appropriate' and 'sufficient' audit evidence to support his or her opinion on the audited financial statements.

Required -

a) Discuss what is meant by 'appropriate' and 'sufficient' audit evidence following the ISA 500 - Audit Evidence.

b) During the planning stage, the auditor should determine the 'Nature, Extent & Timing' to ensure that the auditor obtains competent audit evidence. Explain FOUR (4) the main issues related to the 'Nature, Extent & Timing.'

c) When the auditor finds that the collected evidence is insufficient to conclude the reasonable audit opinion, the auditor should increase the evidence. Explain TWO (2) approaches that the auditor can use to obtain an adequate amount of evidence.

Reference no: EM133005091

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