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RELIABILITY OF AUDIT EVIDENCE PETERSON CORPORATION: Audit standards require the auditor to gather sufficient, appropriate audit evidence to support the audit opinion. Peterson Corporation is
RELIABILITY OF AUDIT EVIDENCE PETERSON CORPORATION: Audit standards require the auditor to gather "sufficient, appropriate audit evidence" to support the audit opinion. Peterson Corporation is an auditee in the process of being audited. On this audit engagement, you are the Audit Manager for the Audit Firm of Teper and Lubetsky. You are considering the following evidence obtained during the audit. Note: Teper and Lubetsky, Auditors, consider Peterson Corporation to have very good internal control systems. REQUIRED: Order the reliability of these three documents, where #1 is MOST reliable and #3 is LEAST reliable. Purchase orders for the purchase of inventory from a supplier to Peterson During an interview with the Peterson's Chief Financial Officer, she explained the Internal Control process at the company and how well it works. Bank statements for Peterson's chequing account, sent by the Centennial
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