"The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate evidence to be able to draw reasonable conclusions on which to base an audit opinion. It is obvious that in order for an auditor to gather the evidence that they require, a number of procedures will need to be carried out. The nature, timing and extent of the evidence that is collected by an auditor also plays an important factor in the deciding on the type and manner of evidence that needs to be collected". Required: Based on the information above, answer the following questions: a) Will accounting records which are accurate, complete and maintained in a proper manner be considered as evidence which is sufficient for the auditor to fulfil the duties and functions assigned to him? b) Provide a brief description of the relationship which exists between audit evidence and audit risk. c) What are the factors upon which reliable and relevant evidence depends on?

"The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate evidence to be able to draw reasonable conclusions on which to base an audit opinion. It is obvious that in order for an auditor to gather the evidence that they require, a number of procedures will need to be carried out. The nature, timing and extent of the evidence that is collected by an auditor also plays an important factor in the deciding on the type and manner of evidence that needs to be collected". Required: Based on the information above, answer the following questions: a) Will accounting records which are accurate, complete and maintained in a proper manner be considered as evidence which is sufficient for the auditor to fulfil the duties and functions assigned to him? b) Provide a brief description of the relationship which exists between audit evidence and audit risk. c) What are the factors upon which reliable and relevant evidence depends on?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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