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SA 500: Audit Evidence, :memo: Sometimes inquiries provide basis for…
SA 500: Audit Evidence
Definitions
Audit Evidence
Information used by auditor in arriving at the conclusion on which auditor's opinion is based. AE includes both:
Info. contained in accounting records underlying FS, and
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Methods of Obtaining AE
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Analytical Procedure
Consists of evaluation of financial info. made by a study of plausible relation amongst both financial & non-financial data
Inquiry
Consist of seeking information of knowledgeable persons both financial & non-financial data within the entity or outside.
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Formal — written, Informal — oral
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:star: Information to be used as AE
When designing and performing AP, auditor shall consider relevance and reliability of info. used as AE
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:star: Inconsistency in, or doubts over reliability of AE
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:memo: Sometimes inquiries provide basis for modification or additional AP. In some cases, it may be necessary to obtain WR to confirm responses to oral inquiries.
:memo: Shall determine what modifications or additions to AP are necessary to resolve the matter and shall consider effect of the matter on audit.