Relevance - sources of evidence, Auditing

Relevance - Sources of evidence

The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial statements and the underlying records.  Where management establishes a system function of internal control they make definite assertions.  As far as internal controls are regarded, these assertions as:

  1. Existence: that the controls exist or stayed;
  2. Effectiveness: that not only does the control exist hence that it is effective;
  3. Continuity: not only does it exists and is effective but the control operates throughout the period of intended reliance. Whether the auditor is carrying out the compliance tests, several evidence to confirm that these assertions is relevant.
Posted Date: 1/24/2013 7:21:46 AM | Location : United States







Related Discussions:- Relevance - sources of evidence, Assignment Help, Ask Question on Relevance - sources of evidence, Get Answer, Expert's Help, Relevance - sources of evidence Discussions

Write discussion on Relevance - sources of evidence
Your posts are moderated
Related Questions
What is business risk and what controls should organizations have in place?  Business Risk and Controls Business or operational risks related to the activities carried out

Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o

impact on audit report of going concern

OBJECTIVES To apply certain steps in the audit planning process, with emphasis on risk identification and audit response (strategy) thereto. To provide you with the exp

Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.

IAS 40 Investment Properties - Audit Evidence Typical audit evidence might include: Physical verification of the situation and location of the investment property and c

Non Current Assets or Fixed Assets In usual countries, not current assets are commonly classified like: a) Intangible assets Patents Licences Developme

describe possible factors in the auditor-client relationship that can make it more difficult for the auditor to detect fruad

In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe

Advantages and disadvantages