What are the seven major types of audit evidence?
What are the seven major types of audit evidence?
Terms in this set (28) accounting information system, documentary evidence, third-party representation, physical evidence, computations, data interrelationships, and client representations.
Which type of audit evidence is the most commonly used in an audit?
The most common type of evidence is simply asking the client and employees questions. This is known as inquiries of the client. Inquiries are the most common because they are the easiest type of evidence to obtain and they can result in direct answers to the questions the audit is attempting to ask.
Which type of audit evidence is the most reliable and why?
Audit evidence is more reliable when it exists in documentary form, whether paper, electronic, or other medium (for example, a contempo- raneously written record of a meeting is more reliable than a subse- quent oral representation of the matters discussed). audit evidence provided by photocopies or facsimiles.
What are the main sources of audit evidence?
5 common sources of substantive audit evidence
- Confirmation letters. Auditors send letters to third parties, such as customers or vendors, asking them to verify amounts recorded in the company’s books.
- Original source documents.
- Physical observations.
- Comparisons to external market data.
- Recalculations.
What type of audit evidence that auditor should consider?
Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts. Good auditing evidence should be sufficient, reliable, provided from an appropriate source, and relevant to the audit at hand.
What is the strongest type of audit evidence?
Because this form of audit evidence is generated by the auditor, not by the entity being audited, observation is considered to be strong evidence for existence.
What types of Audit Evidence do auditors use?
Auditors use audit evidence in many different forms and sources. Those audit evidence could be data or information, physical or nonphysical. For an example of audit evidence: And others documents use by businesses to support financial transactions or events in the financial statements.
What are the primary types of evidence in corruption and fraud cases?
This section briefly discusses the primary types of evidence in corruption and fraud cases, which are: Witness statements Documents and data “Real” evidence, such as sample construction materials from a road site Demonstrative evidence such as photos, charts and graphs
How many types of evidence are there in a criminal case?
There are four types evidence by which facts can be proven or disproven at trial which include: 1 Real evidence; 2 Demonstrative evidence; 3 Documentary evidence; and 4 Testimonial evidence.
What is the quality or reliability of audit evidence?
Qaulity or reliability of audit is highly affected by the type and sources of information auditors use as the evidence. Below is an example of the level of quality or reliability of information used as evidence: Evidence obtained directly by auditors, such as reperforming or recalculation, is more reliable than those obtained by inference.
