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Types of audit evidence.
The cost of types of audit evidence. Ii Audit evidence that is generated internally is more reliable when the related controls imposed by the entity are effective. Audit evidence obtained directly by the auditor for example observa-tion of the application of a control is more reliable than audit evidence obtained indirectly or by inference for example inquiry about the ap-plication of a control. Inspecting could involve the use of physical evidence as do the procedures of counting.
ISA 500 states that the responsibility of the auditor during an audit is to design and perform audit procedures in such a way to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditors opinion. I Audit evidence is more reliable when it is obtained from independent sources outside the entity. Appropriateness of evidence is defined as the quality of evidence regarding their reliability as well as relevance for supporting the opinion of the auditor of the company.
INSPECTION Inspection also called physical examination is the auditors inspec- tion or count of a tangible asset or document. For an example of audit evidence. Every audit procedure obtains one or more types of evidence.
Those audit evidence could be data or information physical or nonphysical. Relationship Among Audit Procedures Types of Evidence and Assertions Let us consider the relationship among audit procedures types of evidence and assertions shown in Fig. Add the sales journal entries to determine whether they were correctly totaled.
The following ï ve factors that inïuence the reliability of audit evidence are taken from ISA 500 Audit Evidence. Documentation analytical procedures and re-performance are moderately costly. The auditors goal is to obtain a sufficient amount of appropriate evidence at the lowest total cost.
According to Audit Analytics for the FTSE 350 Auditor Changes and Fees the following were the audit and audit related fees for FTSE 350 companies with auditor changes. Audit evidence is more reliable when it exists in documentary form. Comparing this data to 2016-17 in the year 2019-18 more than 34th of the companies in the list saw their fees increase by an average of 217 while a handful of 13rd companies saw their fees decrease by an average of.
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