Audit Evidence Chapter 41

Audit Evidence Chapter 41 - Audit Evidence and Audit...

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Unformatted text preview: Audit Evidence and Audit Workpaper Documentation Audit Evidence All the information used by the auditor in arriving at the conclusions on which the audit opinion is based and includes (1) the information contained in the accounting records underlying the financial statements and (2) other information. (326.02) LO# 4 Accounting Records Underlying the Financial Statements (326.03) General and specialized journals Invoices Contracts General and subsidiary ledgers Adjustments to financial statements Checks Records of electronic funds transfers Worksheets and spreadsheets supporting cost allocations, computations, reconciliations, and disclosures LO# 4 Other Information Type of Evidence (326.05) Minutes of meetings Controls manuals Observation results Confirmations Benchmarking information Inquiry results Inspection results Any other information that Permits the auditor to reach a conclusion through valid reasoning LO# 4 Sufficiency of Audit Evidence (326.06) Sufficiency is a measure of the quantity of audit evidence. Greater risk of misstatement requires a higher quantity of audit evidence. Higher quality audit evidence results in a lower quantity of audit evidence....
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This note was uploaded on 02/21/2012 for the course ACCT 420 taught by Professor A during the Fall '11 term at Samford.

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Audit Evidence Chapter 41 - Audit Evidence and Audit...

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