Which of the following statements concerning audit evidence is true?(1) To be appropriate, audit evidence should be either persuasive or relevant, butneed not be reliable.(2) The measure of the quantity and quality of audit evidence lies in the auditor’sjudgment.(3) The difficulty and expense of obtaining audit evidence concerning an accountbalance is a valid basis for omitting the test.(4) A client’s accounting records can be sufficient audit evidence to support thefinancial statements.
Which of the following statements concerning audit evidence is true?(1) To be appropriate, audit evidence should be either persuasive or relevant, butneed not be reliable.(2) The measure of the quantity and quality of audit evidence lies in the auditor’sjudgment.(3) The difficulty and expense of obtaining audit evidence concerning an accountbalance is a valid basis for omitting the test.(4) A client’s accounting records can be sufficient audit evidence to support thefinancial statements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements concerning audit evidence is true?
(1) To be appropriate, audit evidence should be either persuasive or relevant, but
need not be reliable.
(2) The measure of the quantity and quality of audit evidence lies in the auditor’s
judgment.
(3) The difficulty and expense of obtaining audit evidence concerning an account
balance is a valid basis for omitting the test.
(4) A client’s accounting records can be sufficient audit evidence to support the
financial statements.
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