Question

Audit evidence is often considered to be the “proof” auditor’s need in order to render an unqualified opinion. Audit evidence comes from extremely compelling documentation to evidence which is questionable at best. Using your current position or a previous job, discuss in two paragraphs or so some audit evidence which you would consider to be excellent documentation for an audit, and audit evidence that may be “less than perfect”.

Answer 1

Answer:

Audit / Review Evidence:

Review / Audit verification is used by examiners to check if the associations have cure information in reports to cash related trades. Evaluating proof is the data gathered for survey of an organization's money related exchanges, inner control hones and different components vital for the accreditation of monetary proclamations by a reviewer or confirmed open bookkeeper.

The sum and kind of inspecting proof considered fluctuates significantly dependent on the sort of firm being reviewed and also the required extent of the review

Some review affirmations can be:

1. Physical examination: The examiner himself/herself review the substantial resource.

For instance, if an examiner is affirming finance costs, the inspector can't reasonably physically watch somebody work the hours they will be paid for.

In any case, when testing physical resources, for example, stock or gear, physical stock is frequently the most valuable proof.

2. Records / Documents: The archives used as review verification can be inside or external reports. review records are more tried and true. These reports can be yearly archives , Profit and Loss clarifications.

Review documentation allude to the records or documentation of techniques that inspector played out, the review proof that they got and the end that make by them dependent on the proof get.

Review documentation is at some point called review working paper or working paper.