An important component of any external audit is the gathering of sufficient and appropriate audit evidence by the audit team assigned to the engagement. During which phase of the audit does the audit team typically collect audit evidence?

1) Auditors are required to follow strict rules promulgated by the Public Company Accounting Oversight Board which govern when certain types of audit evidence are to be collected, and the quantity thereof.

2)During the preliminary,risk assessment phase of the audit, so the auditor can use this documentation and evidence gathered during the audit.

3) Auditors generally will gather appropriate and sufficient audit evidence at all stages of the audit, including the risk assessment phase, testing of controls, and when performing substantive procedures.

4)The audit team will typically collect the majority of the evidence for the audit during the test of the client's system of internal control.