Relevance - sources of evidence, Auditing

Assignment Help:

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.

Related Discussions:- Relevance - sources of evidence

Auditors procedures after stock taking, Auditors Procedures After Stock Tak...

Auditors Procedures After Stock Taking It is particularly a follow up exercise and it includes: 1) Checking the cut off along with the details of last numbers of stock move

Preliminary engagement, during the preliminary stage of an audit, an audito...

during the preliminary stage of an audit, an auditor most likely would not do the following

Explain the importance and role of audit standards, Question 1: Auditin...

Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI

Audit procedures for obtaining audit evidence, AsList and define five audit...

AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif

Examination of Deeds, Examination of Deeds Make Sure that the mortg...

Examination of Deeds Make Sure that the mortgage is in the name shown in the advance records; That there is a document of title to the property within mortgage and that

420, Develop an audit program to identify and reduce potential fraud using ...

Develop an audit program to identify and reduce potential fraud using ACL.

Prepayments - audit process, Prepayments - Audit Process Prepayments s...

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

COBIT, Analyse the ratios in conjunction with the additional information an...

Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta

Audit of holding companies and group accounts, Audit of Holding Companies a...

Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r

Reliance on the work of other auditors, Reliance on the Work of Other Audit...

Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd