- 20 Marks
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)
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