Question
Question Audit Evidence & Assertions According to ASA500 Audit Evidence the auditor should obtain sufficient appropriate audit evidence on which to base their audit opinion.
Question Audit Evidence & Assertions
According to ASA500 Audit Evidence the auditor should obtain sufficient appropriate audit evidence on which to base their audit opinion. Required: For each audit procedure listed in the table below, indicate: (a) one management assertion to which it relates, and (b) the type of audit evidence obtained by each procedure.
Audit Procedure (a) ManagementAssertion (b) Type of Evidence
Example: Select a sample of non-current assets and inspect them. Existence(mngt assertion) Physical(evidence)
1. A confirmation was sent to the clients bank
2. Use CAATs to compare sales prices on a sample of sales invoices with the master price file
3. Attend and observe the clients inventory stock take.
4. Re-perform the clients ageing of accountsreceivables.
5. Enquire with the companys solicitor about a possible law suit involving the audit client.
6. Inspect purchases invoices recorded after the year-end to establish proper cut-off.
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