Audit evidence and documentation

Audit evidence and documentation - Audit evidence and...

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Click to edit Master subtitle style 8/22/11 Audit evidence and documentation
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8/22/11 Last time Substantive analytical procedures Four step approach Develop expectations Identify discrepancies Investigate material discrepancies Evaluate the results
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8/22/11 Audit evidence Management assertions → Audit procedures → Audit evidence Evidence Anything that supports or refutes a management assertion Anything that changes the auditor’s belief about consistency between a management assertion and reality.
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8/22/11 Audit evidence GAAS FWS #3 – the auditor must obtain sufficient appropriate evidence by performing audit procedures to afford a reasonable basis for an opinion…. . Underlying assumption Evidence is generally PERSUASIVE
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8/22/11 Nature of evidence Sufficiency (quantity): relates to (1) number of procedures and (2) sample sizes Appropriateness (quality): relates to degree of relevance and reliability. Relevance: Relates to the strength of the link between the evidence and the management assertion
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8/22/11 Sufficient appropriate evidence {7ABDB852-EC7A-4D92-965B-38A51ECD1F8B} Sufficient evidence (quantity) {76C1D5BF-F68C-4C38-91FE-37CE619DA097} More evidence = more persuasive {3653B3E9-5DC3-4C3F-BCB5-45FE6B3DC96C} Appropriate evidence (quality) {512FD5F4-4831-42C -B569-B3E9A4F8F2FE} Relevant Reliable ber of procedures Sample size Examples y (knowledge, independence) knowledge
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Audit evidence and documentation - Audit evidence and...

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