Audit evidence can come in different forms with different degrees of reliability
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Audit evidence can come in different forms with different degrees of reliability. Which of the following types of evidence is the least reliable? Show  Q: When the client’s internal control are good, internal documents are more reliable than external True… A: The question is related to true or false on Auditing. Q: Which of the following is NOT an example of externally generated evidence sent directly to the… A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing… Q: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and… A: As per the guidelines, only one question is allowed to be solved. Please upload different question… Q: Which of the following is/are the least persuasive type of audit evidences? 1. Photocopies of sales… A: The answer for the multiple choice question and relevant explanation are presented hereunder : Audit… Q: Which among the following types of audit evidence can be considered the most reliable? a. Verbal… A: Please see the next step for the solution Q: Compare and contrast the type of work performed by external auditors (auditing financial statements… A: Fraud examiners: He is a person who jointly plays a role of expertise of auditors and criminal… Q: In auditing the client’s receivables, the auditor decided to select entries in the sales journal and… A: Assertion of Existence: Assets or liabilities of the company exist at a given date, and recorded… Q: Which of the following statements is correct about the reliability of audit evidence? a.… A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.… Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of… A: A dual-purpose test is an audit method that serves as a control and substantive test at the same… Q: Which of the following audit procedures is a dual-purpose test, which tests the effectiveness of… A: Internal control procedures are those procedures which are implemented for assuring the achievement… Q: The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud… A: The main objective of an audit is to form an independent opinion on the financial statements of the… Q: The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud… A: THE MAIN OBJECTIVE OF AN AUDITOR IS TO EXAMINES THE BOOKS OF ACCOUNTS OF A COMPANY THROUGH WHICH… Q: Select from the following the main object of an audit. a. Expression of expert opinion b. Detection… A: Audit means checking and verifying the authenticity of financial statements by examining them. It… Q: Which of the following tests of details most likely would help an auditor determine whether accounts… A: Click to see the answer Q: Explain why auditors usually emphasize the detection of fraud inthe audit of cash receipts. Is this… A: The auditor focuses on cash as it is the very high liquid asset of the company, hence there is a… Q: Which of the following evidence provides the least assurance of reliability? A. Accounts receivable… A: Audit evidences can be collected from internal and external sources. Internal evidences are based on… Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true… A: Audit is the process of checking, verifying and examining books of account and financial information… Q: Dean Tomaszczyk was training junior audit staff and mentioned the importance of third party… A: External Confirmation It is the process of receiving and analysing audit evidence from a third party… Q: The most reliable types of audit evidence the auditor can obtain are: a. Physical examination by… A: Audit evidence: It can be defined as the information collected or obtained by an auditor during the… Q: A primary objective of analytical procedures used in the final review stage of an audit is toa.… A: A primary objective of analytical procedures used in the final review stage of an audit is to Assist… Q: A primary objective of analytical procedures used in the final review stage of an audit is toa.… A: Click to see the answer Q: Indicate whether each of the following audit procedures is a testof controls, a substantive test, or… A: Click to see the answer Q: What advantages are derived from using CAATs in the financial statement audit? When answeringthis… A: Click to see the answer Q: Listed in the table below are some common audit procedures. For each procedure below: Identify… A: An audit of financial statements is an examination conducted by an independent auditor on the… Q: To gather audit evidence related to accounts receivable, the client should mail the confirmation… A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of… Q: Choose an alternative which is not the external source of audit evidence. a. Confirmation from… A: External Evidence are audit evidences that originate outside the client’s organization. These… Q: In connection with the audit of financial statements, an independent auditor could be responsible… A: Option A is the correct answer. Q: An audit opinion of a company’s fi nancial reports is most likely intended to:A . detect fraud.B .… A: Audit opinion: The opinion present by an auditor of findings of the audit examination is known as… Q: Audit tests include tests of controls and substantive procedures. Substantive procedures can be… A: Step1 Sufficiency depicts the quantity of audit evidence and Appropriateness is depicts the… Q: What advantages are derived from using CAATs in the financial statement audit? When answering this… A: CAAT is the Computer Assisted Audit techniques that means a set of preprogrammed editing, operating… Q: Assume that your audit partner has asked you to design detailed substantive testing programs for the… A: Considerable testing is a review technique that looks at the fiscal reports and supporting… Q: A transaction level internal control activity is best described as: An action taken by… A: A transaction-level internal control activity can be labeled as action taken by customer personnel… Q: For each of the general audit procedures of (1) recalculation, (b) observation, (c) confirmation… A: Audit procedures: the procedures of audit are those techniques or processes which the auditors… Q: From the options given below which of the document is included by an auditor in the audit… A: Audit is independent verification of the financial statements by an auditor, where the auditor… Q: Audit documentation often includes a client-prepared, aged trial balance of accounts receivable as… A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial… Q: What are the goals of a fraud audit for internal auditors? Explain briefly. A: The Fraud Audit: There is a possibility of substantial misstatement with every audit form, but the… Q: Assessment of audit risk is carried out by the auditor at this stage of the audit process: a. Audit… A: Audit risk: It can be defined as the risk that the entity’s financial statements are significantly… Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or… A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND… Q: A typical substantive procedure for receivable balance and sales transactions may include… A: Specifically disclosed in noes to accounts also , in income statements Q: Assessing the risk of fraud in a financial statementaudit is a difficult audit judgment. Auditing… A: Requirement a: The main purpose of an audit team’s brainstorming is for the audit teams to… Q: Describe the elements necessary for a successful fraud examination and explain the differences in… A: Click to see the answer Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Auditing: A Risk Based-Approach to Conducting a Q... ISBN:9781305080577 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:South-Western College Pub Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Contemporary Auditing ISBN:9781337650380 Author:KNAPP Publisher:Cengage Auditing: A Risk Based-Approach (MindTap Course L... ISBN:9781337619455 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:Cengage Learning Auditing: A Risk Based-Approach to Conducting a Q... ISBN:9781305080577 Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg Publisher:South-Western College Pub Cornerstones of Financial Accounting ISBN:9781337690881 Author:Jay Rich, Jeff Jones Publisher:Cengage Learning Contemporary Auditing ISBN:9781337650380 Author:KNAPP Publisher:Cengage How an auditor assesses the reliability of different types of audit evidence?The reliability of evidence depends on the nature and source of the evidence and the circumstances under which it is obtained. For example, in general: Evidence obtained from a knowledgeable source that is independent of the company is more reliable than evidence obtained only from internal company sources.
Which form of evidence is most reliable in auditing?Evidence provided by original documents is more reliable than evidence provided by photocopies or facsimiles, or documents that have been filmed, digitized, or otherwise converted into electronic form, the reliability of which depends on the controls over the conversion and maintenance of those documents.
What are the factors that influence the reliability of audit evidence?Evidence is considered more reliable when it is:. obtained from an independent external source;. generated internally but subject to effective control;. obtained directly by the auditor;. in documentary form; and.. in original form.. What are the different sources of evidence in auditing?Sources of evidence
Data from databases, documents, accounting and budget information, activity statements, management representations (Annual activity reports and statements by the Directorates-General), impact assessments and evaluations, internal audit reports.
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