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AUDIT EVIDENCE (Types of Evidence (Confirmation (confirm), Documentation…

- - - - Relevance of Evidence
        
        refers to its relationship to the assertion or to the objective of the control being tested.
        
        The design of the audit procedure used to test the assertion or control, in particular whether it is designed to: (1) test the assertion or control directly
        (2) test for understatement or overstatement; and
        The timing of the audit procedure used
      - Reliability of Evidence
        
        depends on the nature and source of the evidence and the circumstances under which it is obtained
        
        Example evidence obtained
        
        from a knowledgeable source that is independent of the company is more reliable than evidence obtained only from internal company sources. : :check:
        
        The reliability of information generated internally by the company is increased when the company's controls over that information are effective. :check:
        
        directly by the auditor is more reliable than indirectly. :check:
        
        provided by original documents is more reliable than evidence provided by photocopies or facsimiles :check: