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

#titl Assessment Criteria Sheets Risk analysis report Sue.., Assessment Cr...

Assessment Criteria Sheets Risk analysis report Subject Learning Outcome: To examine techniques used by auditors, including risk analysis, evidence collection and evaluation Below

Reliance on the work of other auditors, Reliance on the Work of Other Audit...

Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that

Stock purchase, an example of evidence that an auditor would use by illustr...

an example of evidence that an auditor would use by illustrating the audit trail of stock purchases

Internal Audit., #quInternal Audit checklist for fixed assetsestion..

#quInternal Audit checklist for fixed assetsestion..

Accounting concept and records-consistency, What fundamental accounting con...

What fundamental accounting concepts must you keep in mind in preparing to carry out your audit? Accounting Concept and Records Fundamental Accounting concepts are cove

Checking consolidation papers, Checking Consolidation Papers The audit...

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Communications to regulatory and enforcement authorities, Communications to...

Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo

Audit evidence, factors that influence auditors judgement on sufficiency of...

factors that influence auditors judgement on sufficiency of audit evidence

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

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