What are the four major evidence decisions that must be made on every audit?
The four things to be included are audit procedures, sample size, timing of the tests and items to select.Click to see full answer. Keeping this in view, what are types of audit evidence?The types of evidence we discussed in this lesson include physical examination, confirmations, documentation, analytical procedures, inquiries of the client, reperformance, and observation.Additionally,…
The four things to be included are audit procedures, sample size, timing of the tests and items to select.Click to see full answer. Keeping this in view, what are types of audit evidence?The types of evidence we discussed in this lesson include physical examination, confirmations, documentation, analytical procedures, inquiries of the client, reperformance, and observation.Additionally, what is the main purpose of audit documentation? The objective of audit documentation: Here the summary of audit documentation: It provides evidence of the auditor’s basis for a conclusion about the achievement of the overall objective. It provides evidence that the audit was planned and performed in accordance with ISAs and other legal and regulatory requirements. In this way, what factors determine the reliability of a document? What are the four factors that influence the reliability of audit Source ; Source is evaluated based on its provider’s independence, objectivity, internal control’s strength and etc. Verifiability ; Such as Official Receipts with OR number, Particulars, date and company name and etc. Technical Procedures Used; Such as Sampling Techniques. Auditor’s knowledge. What are the characteristics of reliable evidence?The six characteristics of reliability that determine the evidence are independence of provider, effectiveness of clients internal controls, auditors direct knowledge, qualifications of individuals providing the information, degree of objectivity and timeliness.
