Classification, Presentations, Completeness, Occurrence, Cutoff, Accuracy,
Assertions about classes of transactions
Authorization
Assertions about account balances at Classification, Presentations, Completeness, Existence, Rights and Obligati
end of period Valuation and Allocation
All information used by the auditor in arriving at conclusions on which aud
Audit Evidence
opinion is based
Nature of audit evidence
Concepts of Audit Evidence Sufficiency of audit evidence
Evaluation of Audit evidence
Includes records, invoices, contracts, spreadsheets, or recalculations.
Nature of Audit Evidence
Evidence quality depends on source and type
The measure of the quantity of audit evidence. The greater risk of misstatem
Sufficiency of Audit Evidence requires a higher quantity of audit evidence
Higher quality audit evidence requires a lower quantity of audit evidence
Is the quality. Depends on relevance (does it relate to the assertion) and
Appropriateness of Audit Evidence
reliability (where it comes from)
, 1) Auditor's direct knowledge (Inception, Recalculations)
2) External Documents (bank confirmation)
Reliability of Audit Evidence
3) Internal Documents (effective controls increase reliability)
4) Verbal Client representations
Acts performed by the auditor to gather evidence about whether specific
Audit Procedures
assertions are being met.
IR Risk assessment Prodedures
CR Test of Controls
DR Substantive Procedures
Set of audit procedures prepared to test assertions for a component of the
Audit Program
financial statements
Evidence obtained from external documents is more reliable than evidenc
Inspection of records and documents
obtained from internal documents
Inspection of Tangible assets Physical examination of a tangible asset
Observations Process of watching a process or procedure being performed by others
Assertions about classes of transactions
Authorization
Assertions about account balances at Classification, Presentations, Completeness, Existence, Rights and Obligati
end of period Valuation and Allocation
All information used by the auditor in arriving at conclusions on which aud
Audit Evidence
opinion is based
Nature of audit evidence
Concepts of Audit Evidence Sufficiency of audit evidence
Evaluation of Audit evidence
Includes records, invoices, contracts, spreadsheets, or recalculations.
Nature of Audit Evidence
Evidence quality depends on source and type
The measure of the quantity of audit evidence. The greater risk of misstatem
Sufficiency of Audit Evidence requires a higher quantity of audit evidence
Higher quality audit evidence requires a lower quantity of audit evidence
Is the quality. Depends on relevance (does it relate to the assertion) and
Appropriateness of Audit Evidence
reliability (where it comes from)
, 1) Auditor's direct knowledge (Inception, Recalculations)
2) External Documents (bank confirmation)
Reliability of Audit Evidence
3) Internal Documents (effective controls increase reliability)
4) Verbal Client representations
Acts performed by the auditor to gather evidence about whether specific
Audit Procedures
assertions are being met.
IR Risk assessment Prodedures
CR Test of Controls
DR Substantive Procedures
Set of audit procedures prepared to test assertions for a component of the
Audit Program
financial statements
Evidence obtained from external documents is more reliable than evidenc
Inspection of records and documents
obtained from internal documents
Inspection of Tangible assets Physical examination of a tangible asset
Observations Process of watching a process or procedure being performed by others
