Reliability of Evidence – NBC Institute

AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

Question

a. The objective of an audit is for the auditor to express an opinion on the truth and fairness of the financial statements. In the performance of his duty, the auditor seeks to obtain acceptable evidence necessary for him to draw conclusions in order to express a valid opinion on the financial statements.
Required:
i. Describe audit evidence and justify why the auditor would require such evidence. (4 Marks)

b. Identify FOUR sources of audit evidence and illustrate how these sources would affect the auditor’s reliance on the evidence. (10 Marks)

c. Describe THREE attributes of audit evidence. (6 Marks)

Answer

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Tags: Audit evidence, Audit Judgment, Audit Process, Reliability of Evidence, Sources of Evidence
Level: Level 2

Topic: Audit evidence
Series: NOV 2015

AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

Question

A financial analyst in his contribution at a seminar stated that audited financial statements show the records of stewardship of a company’s activities and the financial position of a company at the end of a period.

The financial report has input from key stakeholders who must perform their duties well and in an objective manner. In view of this, the report should give confidence to the users of the financial statements and support good corporate governance.

The financial report is used for decision making and is prepared based on management estimates, judgement, assumptions, and reliable evidence.

As a chartered accountant, you have been invited to make a contribution at the seminar in support of the statement of the analyst:

You are required to discuss:

Parties to an audit assurance process, stating their duties and rights. (4½ Marks)
When a professional should accept an assurance engagement. (8 Marks)
How to recognize a reliable evidence in an audit and assurance engagement. (7½ Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Assurance, Parties to Audit, Reliability of Evidence
Level: Level 2

Topic: Audit evidence, Introduction to Auditing
Series: NOV 2019

AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

Question

b. Identify FOUR sources of audit evidence and illustrate how these sources would affect the auditor’s reliance on the evidence. (10 Marks)

c. Describe THREE attributes of audit evidence. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Judgment, Audit Process, Reliability of Evidence, Sources of Evidence
Level: Level 2

Topic: Audit evidence
Series: NOV 2015

AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

Question

The financial report is used for decision making and is prepared based on management estimates, judgement, assumptions, and reliable evidence.

As a chartered accountant, you have been invited to make a contribution at the seminar in support of the statement of the analyst:

You are required to discuss:

Parties to an audit assurance process, stating their duties and rights. (4½ Marks)
When a professional should accept an assurance engagement. (8 Marks)
How to recognize a reliable evidence in an audit and assurance engagement. (7½ Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Assurance, Parties to Audit, Reliability of Evidence
Level: Level 2

Topic: Audit evidence, Introduction to Auditing
Series: NOV 2019

Question Tag: Reliability of Evidence

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AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

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Question Tag: Reliability of Evidence

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AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

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AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

You're reporting an error for "AA – Nov 2019 – L2 – Q3 – Introduction to Auditing"

AA – Nov 2015 – L2 – Q2 – Audit Evidence

Explaining the concept of audit evidence, its importance, and describing its sources and attributes.

You're reporting an error for "AA – Nov 2015 – L2 – Q2 – Audit Evidence"

AA – Nov 2019 – L2 – Q3 – Introduction to Auditing

Discuss the parties involved in the audit assurance process, conditions for accepting an assurance engagement, and recognizing reliable evidence.

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