AUDIT EVIDENCE

AUDIT EVIDENCE - AUDIT EVIDENCE Definition Audit evidence...

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AUDIT EVIDENCE
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Definition Audit evidence is all the information used by the auditor in arriving at the conclusions on which the audit opinion is based. Accounting records Other information Cumulative in nature
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Accounting records Includes records of initial entries Supporting records—checks, etc., ledgers, journal entries Other adjustments to the financial statements that are not reflected in formal journal entries Worksheets and spreadsheets
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Other information Minutes Confirmations Comparable data about competitors Industry analysts' reports
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Sufficient Appropriate Evidence Sufficiency--quantity Appropriateness—quality Audit evidence is persuasive—not conclusive More assurance from consistent evidence form different sources (triangulation) Difficulty or expense involved is not a valid basis for omitting an audit procedure
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Relevance Evidence may be relevant to some assertions and not others
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This note was uploaded on 01/20/2011 for the course ACC 603 taught by Professor Robertj.ramsay during the Spring '10 term at Kentucky.

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AUDIT EVIDENCE - AUDIT EVIDENCE Definition Audit evidence...

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