You are an audit senior with White & Jones, CPAs. You have been assigned to an audit with two new audit juniors. You are reviewing the audit programs with them before heading to the clients site. One of the juniors says to you, These tests make sense to me, and I understand that the evidence we gather needs to be appropriate, but how do we know when weve done enough work? What would you explain to the juniors:

The factors that need to be considered regarding the sufficiency of audit evidence are as follows: 1. Materiality ?

2. Degree of risk (IR and CR)?

3. Status of engagement ?

4. Client status?

5. Cost of evidence?