audit procedures for obtaining audit evidence, Auditing

audit procedures for obtaining audit evidence, Auditing

Assignment Help:

AsList and define five audit procedures for obtaining audit evidence.

(ii) Why is it necessary to obtain corroborating evidence for inquiry and observation?

(iii) What is the difference between test of transactions and tests of balances?

Part B

The auditor finds it necessary to rely on audit evidence that is persuasive rather than conclusive and will often seek audit evidence from different sources or of a different nature to support the same assertion. The reliability of audit evidence is not only important in determining sufficiency (quantity) of the information, but also the appropriateness (quality) of the information. Reliability of audit evidence is influenced by its source and its nature.

Required:-

(i) Define the following terms:

a. Reliability of evidence;
b. Persuasiveness of evidence;
c. Relevance of evidence

(ii) Why does an auditor prefer persuasive evidence as opposed to conclusive evidence?k question #Minimum 100 words accepted#

Related Discussions:- audit procedures for obtaining audit evidence

Annotated bibliography, Conducting a critical review of published literatur...

Conducting a critical review of published literature about a topic is fundamental step in developing your research skills. A first step towards a review of the literature is to sea

Analyses of audit effort, Develop a list of tasks the auditor should perfor...

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Ans: It is in the interest of both client and auditor t

IT securties policies, example of it security policies in Hardware

example of it security policies in Hardware

Reference to expert in the auditor''s report, Reference to an expert in the...

Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert. This is because such a refe

Introduction to EDP auditing, types of EDP accounting system and impact of ...

types of EDP accounting system and impact of EDP accounting controls

Different functions of internal audit, The function of internal audit is co...

The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basi

Audit evidence, four factors which influence the reliability of audit evide...

four factors which influence the reliability of audit evidence

Statistical techniques-factors, Statistical techniques Factors to be ta...

Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a

Work in progress, Work In Progress What such applies to goods for resa...

Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the

Audit of the estimated warranty liability, Required: Describe a complete au...

Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd