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The main purpose of doing Audit is to ensure reliability of the Financial Statements prepared and Reliability of Auditing can be assured by the Auditor only after collecting Sufficient and Appropriate Audit Evidence . Assignment Consultancy has been considered by Students as the best place for Students looking for Audit Evidence Homework help requirements.
The term Sufficient and Appropriate denotes two Objectives :
- Sufficient involves Quantity of Audit Evidence obtained which focusses on Audit evidence received by Auditor’s risk assessment procedures.
- Appropriate involves Quality of Audit Evidence obtained which focusses on relevancy and reliability of audit evidence.
Reliability of Audit Evidence depends up on the Following factors :
- Audit Evidence obtained in written form is more reliable than Audit evidence obtained in oral form.
- Audit Evidence obtained from external source is more reliable than Audit evidence obtained from internal Source .
- Reliability of Audit Evidence increase when it is obtained from independent Sources
- Audit Evidence that are obtained directly are more reliable than Audit Evidence obtained indirectly .
- Audit Evidence that are obtained through original Documents are always more reliable than Audit evidence obtained from Photocopies.
- Greater would be the Audit evidence , more would be the reliability of Auditor on the Information derived.
Audit Evidence is the only way for an auditor to get satisfied about trueness and Fairness of the books of Accounts and it is cumulative in nature and it is obtained by the auditor while performing Substantive and analytical auditing procedures during the course of audit . Experts at Assignment Consultancy can help Students and Professionals in any kind of Audit Evidence Assignment Help.
Main Sources to obtain Audit Evidence :
Audit Evidence can be obtained from primarily two Sources :
- Internal Source : Evidence obtained from the Management of the Entity is Categorized as Internal Source of Audit Evidence.
- External Source : Evidence obtained from the Outsiders such as Third Party like external Creditors and External Debtors are Categorized as External Source of Audit Evidence.
Procedures for Obtaining Audit Evidence :
Auditor can obtain Audit Evidence from various ways . However following are the most Principle ways to obtain Audit Evidence :
- Risk Assessment Procedure
- Substantive Procedures
- Compliance Audit Procedure
- Inspection
- External Confirmation
- Recalculation or Computation
- Observations
- Analytical Audit Evidence procedures
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