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Part A:
List 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 difference between test of transactions and tests of balances?
Part B:
The auditor finds it necessary to rely on audit evidence that is persuasive rather than conclusive and will often seek audit evidence from different sources or of a different nature to support the same assertion. The reliability of audit evidence is not only important in determining sufficiency (quantity) of the information, but also the appropriateness (quality) of the information. Reliability of audit evidence is influenced by its source and its nature.
Required:-
(i) Define the following terms: a. Reliability of evidence; b. Persuasiveness of evidence; c. Relevance of evidence
(ii) Why does an auditor prefer persuasive evidence as opposed to conclusive evidence?
An auditor is concerned with the balance sheet as of a particular date, such at 12/31. Sometimes events occur or become know subsequent to the balance sheet date and before the issuance of the audit report.
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This posting contains an APA formatted MS Word file containing information in regards to the responsibilites of an auditor in the performance of their duties; including their responsibility for discovering of subsequent events occurring after comp..
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold.
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