What are the types of evidence would you normally look during the performance of your financial statement audit?

What are the types of evidence would you normally look during the performance of your financial statement audit?

3. What types of evidence does an auditor examine to verify the accuracy of your financial statements? Typically, auditors obtain evidence through inspection (of documents or tangible assets, for example), inquiries, observation, third-party confirmations, testing of selected transactions and other procedures.

Which evidence is more reliable?

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 is audit evidence and examples?

Auditing evidence is the information collected by an auditor to ascertain the accuracy and compliance of a company’s financial statements. Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts.

What are types of audit evidence?

What Are the Types of Audit Evidence?

• Physical examination.
• Confirmations.
• Documentary evidence.
• Analytical procedures.
• Oral evidence.
• Accounting system.
• Reperformance.
• Observatory evidence.

What are the 7 types of audit evidence?

There are seven types of audit procedures:

• Inspection. Auditors collect evidence by inspecting physical assets, records, or documents.
• Observation.
• External confirmation.
• Recalculation.
• Reperformance.
• Analytical procedures.
• Inquiry.

What are the three 3 methods of collecting audit evidence?

Gathering evidence as part of an audit involves a mix of techniques that are used interchangeably: visual observation, examination of records, and employee interviews.

What is the most reliable audit evidence?

Audit evidence provided by original documents is more reliable than audit evidence provided by photocopies or facsimiles, or documents that have been filmed, digitised or otherwise transformed into electronic form.

What is sufficient evidence?

Sufficient evidence means evidence sufficient to support a reasonable belief, taking into consideration all relevant factors and circumstances, that it is more likely than not that the Respondent has engaged in a Sanctionable Practice.

What type of evidence would provide the highest level of assurance in an audit engagement?

What type of evidence would provide the highest level of assurance in an attestation engagement? Evidence secured solely from within the entity.

What are the three types of audit evidence?

Types of Audit Evidence

• Financial statements,
• Accounting information.
• Bank accounts.
• Management Accounts,
• Fixed Assets Register,
• Payrolls Listing,
• Banks Statements,
• Bank confirmation,

How is circumstantial evidence used in a fraud investigation?

Circumstantial evidence of knowledge and intent in a fraud investigation might include, among many other things, proof that the subject, or someone acting at his or her direction, e.g., deliberately: Altered or forged a relevant document, such as a supporting document submitted with a bid or invoice;

Which is the most persuasive evidence in a corruption case?

In most corruption and fraud cases the combination of direct and circumstantial evidence usually is the most persuasive.

What do you need to know about fraud and corruption?

In fraud or corruption investigations, this means that a piece of evidence is probably relevant (and hopefully, compelling and convincing) if it tends to prove, or disprove, an element of proof of an offense, including proof of knowledge and intent. [1] This means that fraud and corruption investigators must know:

What are the steps in a fraud investigation?

In a fraud case, interview the person most knowledgeable and responsible for the suspected false statement or fraudulent document. Again, decide if there is sufficient evidence to obtain a confession and, if not, try to get helpful admissions and identify possible defenses.