Which of the following pieces of audit evidence would most likely be .pdf

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Which of the following pieces of audit evidence would most likely be considered the most reliable? Evidence prepared by a party related to the audit client. Evidence verbally spoken to the auditor by the client. Evidence collected by the auditor, directly from an independent third party, such as a confirmation. Evidence prepared by the client in written format. Question 8 ( 3.5 points) Which of the following scenarios would most likely INCREASE the INHERENT RISK of an audit The audit client's staff is well trained and highly educated. The audit client engages in mostly routine transactions which are relatively easy to account for. The audit client establishes a strong set of internal controls over financial reporting. The audit client engages in a significant number of extremely complex transactions where there is little to no guidance on how to properly account for those transactions..

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Student Name Brief #5 Use of Audit Software: Review and Survey Date Central Message: Auditing has had to change from “around the computer” to “through the computer” due to sources only being available in electronic form. CAATs and CAATTs improve efficiency and effectiveness of audits. A variety of standards and statements were issued because new guidance was necessary once the growth of IT affected the nature, timing, and extent of audit procedures. Continuous auditing is the key to improving the efficiency and effectiveness of audits. Author’s Theme: Auditors are advised to use CAATs to gather evidence so that they can increase the efficiency of inspection and analytical review. One of the many statements released on IT, SAS 94, stressed that IT’s impact on internal control is a result of the nature and extent of the system’s complexity rather than the size of the firm, which is why auditing through the computer is important when testing controls. Auditors can pinpoint the risk areas and thus have a better idea of what to inquire when questioning management; improving the quality of the evidence and thus the audit. Importance: Advancement in information technology has a direct impact on business processes and the audit. Increasingly, auditors are required to perform audits in computerized environments; therefore, additional standards are required to ensure that financial statements auditors continue to perform high quality audits. Conclusion/Opinions: (1) The author concludes that auditing through the computer is important when testing controls because of the impact IT has on internal control. GAAS field work #2 supports this because the IT system is a part of the entity’s environment, and especially, when it is complex, the auditor must audit through the computer to adequately assess internal control risk. (2) Using CAATs can increase the efficiency of audit procedures. SAS No. 106 indicates that CAATs allow auditors to inspect electronic evidence directly. (3) Auditors should use data analysis from audit software in order to pinpoint the risk areas and gain a better idea of what to ask management. AS # 5 states that risk assessment underlies the entire audit process, including the determination of significant accounts and relevant assertions, selecting controls to test, and determining the evidence necessary. Auditing Article-Briefs All Briefs are Individual Assignments Briefs are one (1) page write-ups of selected articles requiring you to (1) summarize the article with the central message and the author’s theme; (2) discuss 2 reasons why this is an important or unimportant topic for the audit profession; and (3) indicate your agreement or disagreement with 3 of the author’s conclusions or opinions and support your 3 points with different auditing standards (PCAOB, ASB, IAASB, ACFE, IIA etc.). Do not agree or disagree with the standards but agree or disagree with the author. You may NO.

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1 2 Cheat Sheet on Evidence and DocumentationACC/491 July 3, 2017Cheat Sheet on Evidence and Documentation Relevance, Reliability and Sufficiency of Evidence The basic property of an audit report is that it should entail relevance. The report t should be written in a standard format which is usually mandated by generally accepting the set auditing standards. Accounting is an important task since it ensures financial details of a business are kept considerably clean. Going through the terminologies in order to know everything that is involved in auditing is important when auditing the financial records. The first step involves dividing the field into the foremost part known as the financial statement. Soares (1997). All businesses hold their financial statements in high regards since it is a legal requirement to provide and they provide them when they are requested by relevant bodies. These statements represent the picture of the business in reference to its financial robustness. The audited report reports are used to verify that the details given in their statements. For instance, the public corporations are supposed to ensure that their statements are professionally audited in order to secure their investors’ wealth. It is important to note that the concept of reliability is of real interest to a wide variety of audit participants. This is due to many quotations and references that are required for well-founded financial information and the role of audit. It has been said that having a genuine financial and economic data should be the principle assumptions of a society. Being reliable increases confidence in and reliance on financial statements. Some of the aspects of reliability include faithful representation, fitness for purpose, robustness as well as the audit firm reliability. The quantity of audit evidence is in simple words what sufficiency of audit evidence means. The risk of material and the inclusive quality of the evidence presented is what needs to be considered to fulfill the sufficiency needed. One should rely on an eloquent order other than the convincing one. Yang (2007). Impressive evidence shows the scale one way or the other and provides one with a basis beyond a sensible doubt for forming a viewpoint (Loughran, Maire, 2011). Convincing evidence is one which is perfectly reliable. It involves looking for all clients' records in order to achieve this level of assertion. Careful documentation of the work and the audit opinion must be fact-based and should be retractable so that a different review of the audit should depict the same conclusion (Loughran, Maire, 2011). Confidentiality: Financial statements should be handled with confidentiality. Confidential information should not be disclosed to anyone. The accountant must protect the information from unauthorized disclosure or public release. The auditor should be accountable for any access by unauthorized people. In most times, clients see the auditors as trusted ...

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