Suppose you want to find the auditing standard issued by the PCAOB that discusses audit evidence...

Suppose you want to find the auditing standard issued by the PCAOB that discusses audit

evidence Which auditing standard is this? Give the official name What are the 7 types of evidence discussed in this standard?

Solutions

Expert Solution

Standard issued by the PCAOB that discusses audit evidence is AS 1105 : AUDIT EVIDENCE.

7 types of evidence discussed in this standard are -

1. Inspection - Inspection means examination of documents or records, of all types. Like in electronic form, paper form, internal or external.

2. Observation- Observation means noticing processes, tasks performed by client or client's staff.

3. Confirmation - It generally means audit evidence obtained from third party for obtaining confirmation on some matter.

4. Recalculation - Performing mathematical calculation manually or electronically by auditor.

5. Re-performance - It involves auditor performing certain process or procedures again.

6. Analytical procedures - Study of relationships among both financial and non financial data for evaluation of financial information.

7. Inquiry - Deriving information, whether financial or non financial from relevant persons.

ekkarill92 answered 2 weeks ago

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