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

Sufficiency - sources of evidence, Sufficiency - Sources of evidence T...

Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measure of evidence o

Intangible asserts, Suppose soyola cooking oil company takes over ZamGold c...

Suppose soyola cooking oil company takes over ZamGold cooking oil for an amount in excess of the value $500,000. A) What intangible assert will Soya create in its books which the a

Internal control, Internal Control Procedures: As an auditor, you have disc...

Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the followin

Types of audits, Types of audits So far we have tended to think in term...

Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated

Computation of significant ratios, Plz assist me with these questions Th...

Plz assist me with these questions The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now

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

#quInternal Audit checklist for fixed assetsestion..

How is a hospitality firm valued, Firm valuation refers to the total value ...

Firm valuation refers to the total value of a firm in the capital market. It is the stock price of a firm times its outstanding shares. Total value of a firm is also called market

Pending litigation - audit process, Pending Litigation - Audit Process ...

Pending Litigation - Audit Process Since of the inherent uncertainty, in calculating the outcome of legal actions so this is an especially difficult area for the auditor. Seve

Why audit of procurement is considered important, The Department of Higher ...

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

Advocates - specialized audit situation, Advocates - Specialized audit Situ...

Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:

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