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What are the disadvantages of audit 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.
What is inconclusive audit?
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.
What are purpose of audit working paper?
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.
Factors affecting sufficiency and appropriateness of audit evidence?
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
What is the difference between permanent audit files and current audit files?
Permanent audit files contain information that is relevant over multiple audit periods, such as the client's foundational documents, policies, and long-term contracts. In contrast, current audit files include information specific to the current audit period, such as working papers, financial statements, and evidence gathered for that year. Essentially, permanent files provide a historical context, while current files focus on the present audit.
What is internal audit audit evidence?
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
What are the disadvantages of audit 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.
Which is not an technique for collecting evidence during the ethic audit?
Me
What is audit procedures?
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
Why is it difficult to gather audit evidence?
because their is a lot of people\]
What is inconclusive audit?
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.
What does reliability mean in terms of audit evidence?
it meens you have to be accurateit meens you have to be accurate
What are purpose of audit working paper?
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.
Factors affecting sufficiency and appropriateness of audit evidence?
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
What is the purpose of audit working papers?
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.
What is the importance of audit evidence?
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.
Which is necessary to validate a claim about an event in history?
Corroborated sources of historical evidence. (APEX) !/
