Can you rank the following types of audit evidence from the most reliable to the least reliable? Physical examination. Auditors gather physical evidence to verify whether certain assets exist or to confirm the asset's condition. Physical examination is also the primary source of audit evidence used primarily for any fixed assets, such as the usage of machinery or supplies. Confirmations. This refers to relying on third parties such as banks to confirm various aspects of the financial statements (for example, the closing bank balance or accounts payable records). Documentary evidence. Auditors will gather documentation such as internal process documents, emails, or logs, to help with different portions of the overall audit. For example, the auditors may use the documentation for vouching or tracing a process flow as a part of the audit procedures. Analytical procedures. This includes any analysis performed by the auditors using their calculations to substantiate the financial information and any accounting records provided by the client to find discrepancies. Oral evidence. Auditors may hold question-and-answer sessions with their client's senior leadership team to inquire about the business operations when they are doing audit planning and designing the audit procedures. Accounting system. This allows the auditor to access financial reporting documents and any information related to financial statements. The accounting system may also act as the source of audit evidence. Re-performance. The auditor assesses the control risk by re- performing key internal controlLinks to an external site. processes to check for deficiencies. Observatory evidence. The auditors observe how their clients conduct their operations, policies, and protocols to find weaknesses. The auditors will assess risks and make notes about how those processes work.