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The third generally
accepted standard of audit fieldwork requires that auditors obtain sufficient,
competent audit evidence to afford a reasonable basis for an opinion regarding
the financial statements under examination. In considering what constitutes
sufficient, competent audit evidence, a distinction should be made between
underlying accounting data and all corroborating information available to the
auditor. What presumptions can be made about the following?
· The relative competence of evidence obtained from external and internal
sources.
· The role of internal control with respect to internal evidence produced
by a client’s data processing system.
· The relative persuasiveness of auditor observation and recalculation
evidence compared to external, external-internal, and internal documentary
evidence.
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