management evidences and direct conformation evidence
Audit evidence can be limited by factors such as its reliability and relevance, which may affect the overall quality of the audit. Additionally, obtaining sufficient and appropriate evidence can be time-consuming and costly, potentially leading to resource constraints. There is also the risk of misinterpretation or bias in evaluating the evidence, which could result in inaccurate conclusions. Lastly, some evidence may be inherently subjective, making it difficult to establish clear audit findings.
An inconclusive audit is one in which the evidence presented is not definite under the specific requirements needed. Information that may be conclusive in other situations can sometimes be inconclusive during an audit.
Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
It's the ability of an auditor to give a comprehensive, logical and convincing audit report. A good example of where reliability applies is in cases where there is change in files and backup files are unavailable.
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
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Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
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An inconclusive audit is one in which the evidence presented is not definite under the specific requirements needed. Information that may be conclusive in other situations can sometimes be inconclusive during an audit.
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Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was:Properly planned;Carried out;There was adequate supervision;That the appropriate review was undertaken; & finally and most importantly;That the evidence is sufficient and appropriate to support the audit opinion.
The importance of an internal audit is to make sure that accounts are being handled the way they are supposed to be handled according to the laws of the state. Another reason for an internal audit might be to prevent fraud or theft.
Corroborated sources of historical evidence. (APEX) !/
If you lost receipts for an audit, you may need to provide alternative documentation or evidence to support your expenses. This could include bank statements, credit card statements, or invoices. It's important to be transparent and cooperate with the audit process to the best of your ability.