- Information
- AI Chat
Was this document helpful?
Lecture 6 - Audit evidence
Course: Audit and Control System (ACS1)
8 Documents
Students shared 8 documents in this course
Was this document helpful?
Audit Evidence
Any information used by the auditor to determine whether the information being audited is
stated in accordance with the established criteria.
Audit documentation is an essential part of every audit for effective planning the audit,
providing a record of the evidence accumulated and the results of the test deciding the proper
type of audit report and reviewing the work of assistants
Relationship of Audit Evidence to the Audit Report
• Auditors is handed a set of financial statements to audit, these financial statement
contain information which is known as audit assertion.
• This is made by management as to the financial position, results of operations and
cash flows for the period to be audited
• Management Assertion falls into 3 categories:
Assertions about classes of transactions and events for the period under audit
Completeness – all transactions and events that should have been
recorded have been recorded
Cutoff – transactions and events have been recorded in the correct
accounting period
Classification – transactions and events have been recorded in the
proper accounts
Occurrence – transactions and events have been recorded have
occurred and pertain to the entity (validity / authorised)
Accuracy – amounts and other data relating to recorded transactions
and events have been recorded appropriately.
Assertion about account balances at the period end
Assertions about presentation and disclosure
