Audit Evidence

d) Authencity:- There should be no doubt that the evidence is genuine and has been produced by the learner. e)Currency:- The evidence can prove that the learner is up to date on current methods, skills and knowledge in the chosen vocational area.

Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions?

Evidence is deemed to be sufficient if it is understandable and presented in a clear manner, contains content deemed appropriate for the level of the award and meets all the learning criteria, regulations and requirements set out in the assessment plan.

Forensic science evidence admissibility is when the forensic evidence can be used in the courtroom against a person. Any forensic science evidence that is admissible will be used in courtroom against that defendant. All types of evidence are shown to a judge or a jury to me a case against a suspect. Evidence that can be considered admissible, is any document, testimony, or tangible evidence used in a court of law. There are four types of evidence. The four types of evidence are demonstrative, documentary, real, and testimonial evidence. An example of demonstrative evidence is

The auditor must remember that all information collected during the audit needs to be sufficient enough to further the audit process. The information must not only possess the two qualities, relevance and reliability, but it should also test various assertions. For instance, in the audit of Walmart, the auditor should make an attempt to acquire information such as financial statements from the company’s bank, as opposed to acquiring the statements from Walmart’s management. Taking such crucial information from Walmart’s management will put the reliability of that information into question. It is possible that management may manipulate the financial statements, so that they are more appealing to the public and investors. Management may do things

There are two general categories of phase III procedures. Analytical procedures use comparisons and relationships to assess whether account balances or other data appear reasonable. For example, to provide some assurance for the accuracy objective for both sales transactions (transaction-related audit objective) and accounts receivable (balance-related audit objective), the auditor might examine sales transactions in the sales journal for unusually large amounts and also compare total monthly

reliable evidence, the confirmation process is subject to the risk of interception and alteration of

Obtain evidence: Carry out the investigation by gathering sufficient reliable information to enable the issue to be properly addressed by proving or disproving matters relevant to the issue being investigated, taking into account all relevant information and no irrelevant information. At this stage, it may be necessary to refer any matters that may be misconduct or corruption to the Corruption and Crime Commission.

Evaluating the Reasonableness of the Accounting Estimates, and Determining Misstatements: the auditor shall evaluate, based on the audit evidence, whether the accounting estimates in the financial statements are either

This information is needed in determining if the audit was performed in compliance with GAAS and whether the conclusions reached were adequately supported.

How can auditors be sure that they have obtained evidence regarding all significant related party transactions?

The objectives an audit team hopes to accomplish by preparing a proper set of audit workpapers is to facilitate the planning, performance, supervision of the engagement, and provide evidence supporting significant conclusions by the auditor in accordance with the PCAOB. A record of the evidence, samples tested and the conclusions are presented to supervisors and partners for review

1. The requirements related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence is provided by the reorganized Audit Standard 2305 Substantive Analytical Procedures effective December 31, 2016 in the following list:

Auditors having the appropriate competence and capabilities to perform the audit, and follow ethical requirements, and maintain professional skepticism throughout the audit.

Forensic accounting is “ an accounting analysis that is suitable to the court, which will form the basis for discussion, debate and