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Audit Evidence (method (inquiry - written or rural representation from…
Audit Evidence
method
inquiry - written or rural representation from the client
confirmation - receive information written or rural from verified third party
observation - see it ourself
recalculation - rechecking the computation performed by the client
inspection - inspect the thing
Reperfomance - test control to check whether its done correctly
analytical procedures - compare the current results against the expectations
focus
Sample sizes and techniques - add sufficiency
Timeliness Addresses - when to perform procedures, and portion covered
Audit procedures - relevance and reliability
Appropriateness
needs to be relevant
high quality is better
needs to be reliable
need
support risk at assertion levels
to be documented
sufficient appropriate audit evidence
more is better
strong IC reduce sample sizes
procedures
instructions how to gather evidence
persuasiveness of evidence
areas with risk of material misstatements by assertion
evidence we gather to support our opinion