As far as the reliability of evidence is concerned, which types of procedures used to obtain evidence generally provide the most highly reliable evidence?
Auditors can engage in the activity of tracing by looking the audit trail to make sure there are no irregularities. Essentially an audit trail is a detailed chronological record of accounting records, transactions or other financial data. In many enviroments like the financial sector is a required to maintain one for auditing, but it is generally good to have one regardless because it makes for a cheaper and stress-free audit for the company. Thankfully with the help of technology, an audit trail can be developed and updated automatically making the process of maintaing one less time consuming.
As far as the reliability of evidence is concerned, which types of procedures used to obtain evidence generally provide the most highly reliable evidence?
Whatever information utilized by that the auditor to establish the assumptions that comprise the auditor's decision is based on whether something came from audit processes and perhaps other sources, is referred to as audit evidence. Material that both validates and appears to confirm management's claims about the financial statements through internal control under financial reporting, together with information that refutes such claims, make up audit evidence.
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