Audit evidence audit 378

Audit evidence audit 378

,Audit evidence (5 to 10 marks in Test 2):


Auditing notes:


Chapter 1


Chapter 5


Chapter 17


SAICA textbook:


ISA 500: Audit evidence


ISA 230: Documentation ISA 315 A111


Fundamentals:


• Audit evidence


• Assertions


• Audit procedures • Types of audit evidence • NB!! Working papers:


o Example on Webstudies o Chapter 17 (requirements for working paper)


Learning outcomes:


After this module you should be able to:


• Name, discuss and apply practical assertions


• Discuss types of audit evidence that can be obtained, how it is obtained and extent

necessary


• Name and discuss audit procedures and types

, • Discuss working papers


Audit evidence:


Give an opinion Audit plan




Get evidence Risk evaluation


Audit procedures React on risk


Types of audit evidence:


• Source documents and accounting records o Invoice o Cashbook


o General ledger o Reconciliations


• Substantive information- other sources (examples of substantive procedures) o

Written


o Oral o Mathematical o Physical o Electronic


o Confirmations from 3rd parties o Minutes


o Reports of analysts


According to ISA 500, sufficient and appropriate audit evidence must be gathered to support

the opinion made by the directors about the assertions in ISA 315 A111.


• Sufficient evidence: