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Classify the evidence by source into one of four categories

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Reference no: EM13579035

(Audit evidence) During the course of an audit, the auditor examines a wide variety of documentation. Listed below are some forms of documentary evidence and the sources from which they are obtained.

  • Bank statement sent directly to the auditor by the bank.
  • Creditor monthly statement obtained from client's files.
  • Vouchers in client's unpaid voucher file.
  • Duplicate sales invoices in filled order file.
  • Time tickets filed in payroll department.
  • Credit memo in customer's file.
  • Material requisitions filed in storeroom.
  • Bank statement in client's files.
  • Management working papers in making accounting estimates.
  • Paid checks returned with bank statement in (1) above.
  • Letter in customer file from collection agency on collectibility of balance.
  • Memo in customer file from treasurer authorizing the write-off of the account.

Required

Classify the evidence by source into one of four categories: (1) directly from outsiders, (2) indirectly from outsiders, (3) internal but validated externally, and (4) entirely internal.
Comment on the reliability of the four sources of documentary evidence.

Reference no: EM13579035

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