Audit procedures for obtaining audit evidence, Auditing

Assignment Help:

Question:

Part A

(i) 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?


Related Discussions:- Audit procedures for obtaining audit evidence

What do you understand by yellow book, Q. What do you understand by Yellow ...

Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

Evaluation of audit evidence, Question: "The planning, testing, and eva...

Question: "The planning, testing, and evaluation of audit evidence for indicia of fraud are unlikely to be successful without that attitude, particularly because fraud is a cri

Auditors independence, Identify and explain FIVE risks to independence aris...

Identify and explain FIVE risks to independence arising in carrying out your audit

Accounting requirements - ias 40 investment properties, Accounting Requirem...

Accounting Requirements - IAS 40 Investment Properties IAS 40 prescribes the accounting treatment about investment property and related disclosure necessities.  Investment

Proxy, if a proxy is voted as per his judgement other than member prescribe...

if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Assignments, Describe the factors which decide the broad area of Scientific...

Describe the factors which decide the broad area of Scientific activity?

Management representations as source of audit evidence, Management Represen...

Management Representations as a Source of Audit Evidence International Standard on Auditing as abbreviated ISA 580 Management Representations gives guidance and standards on t

Writing an assignment, am happy to pay someone to do my acc assignment whic...

am happy to pay someone to do my acc assignment which is more auditing one

Auditing, For each ethical threat explain how it might be avoided?

For each ethical threat explain how it might be avoided?

Questionable payments, Questionable Payments In some countries, busines...

Questionable Payments In some countries, business is often gained by bribing ministers or public officials or officers of companies or firms with whom one wishes to do business

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