Types of Audit Evidence

This article will discuss various topics related to audit evidence including the types of evidence the procedures used by auditors to gather the evidence and its quality. Many SMSF auditors use audit evidence in multiple and different forms and sources.

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Physical examinations confirmations documentation analysis procedures inquiries.

. A Forensic Audit is the scrutiny and evaluation of a companys financial record to obtain proof or evidence to present in the court of law. Each type is used to achieve a specific purpose depending on the purpose of the audit the client and the assertion being. Audit evidence is the information auditors obtain in performing their audit work in order to form the basis of their opinion on financial statements.

Documentations are in the form of third-party confirmation. Testimonial Evidence The most important type of evidence required while auditing is documentary evidence. The relevancy of the Audit evidence is largely influenced by the type of.

Nature refers to the type of audit procedure that is carried out and the source of audit evidence. Audit evidence can take various forms as long as the information is obtained from a reliable and authentic source and can be construed as material in decision. An audit evidence could be physical or intangible data or information secured by.

Review what audit evidence is and explore the seven primary types of audit evidence. Types of Audit Evidence. There are eight different types of audit evidence.

The information collected for review of a companys financial transactions internal control practices and other factors necessary for the certification of. Characteristics of Audit Evidence. Together the body of evidence should allow an auditor to make an authoritative.

Audit evidence can include physical evidence testimonial material and analysis of information. Timing refers to the decision to carry out procedures during an interim and final audit just a. It may cover all the information.

Documents that originated outside the organization but have been held by the client. Simply put audit evidence is the information that the auditor uses to arrive at conclusion on the basis of which independent opinion can be expressed. Types of Audit Evidence.

The following are the different types of documentary evidence. In this case auditors have responsibilities to. Features of Audit Evidence may depend on the following factors.

Forensic Audit is mainly conducted. Based on the nature of the audit they will collect this type of evidence if possible. Audit evidence can be classified into different categories such as-.

Types of Audit Evidence. For example fixed deposit certificate. The auditors will ask various questions to the management or the relevant employees if they have.

Analytical evidence involves the compares current periods data.

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