Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Dear tutor. I mistakenly submitted blurr image please comment i will write values. please dont Solve with incorrect values otherwise unhelpful.

no aiWhich of the following errors will not be detected by a trial balance?A. Debiting cash instead of accounts receivableB. Recording revenue twiceC. Failing to record a transactionD. A $100 debit matched with a $100 credit

Don't use chatgpt Which of the following errors will not be detected by a trial balance?A. Debiting cash instead of accounts receivableB. Recording revenue twiceC. Failing to record a transactionD. A $100 debit matched with a $100 credit

Answer 2

Question

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Answer 6

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Answer 7

Chapter 7, Problem 1RQ

To determine

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Answer 8

Expert Solution & Answer

Explanation of Solution

Audit Evidence: The piece of evidence provided by the audit team to prove their opinion with respect to the audit are known as audit evidences. It includes accounting information related to the evidence and their source.

Evidence in legal case and in an audit of financial statements is used by balanced person to conclude. The incorrect decision in both circumstances are not welcomed. Likewise investors could lose significant amount of money, if investors rely on materially misstated financial statements. On the whole the guilt of a defendant in a legal case has to been proven in a way that should be beyond a reasonable doubt. This is related to the concept of adequate evidence in audit situation. An auditor cannot be completely convinced that judge or jury’s opinion is correct but it should attains high level of assurance.

The difference is that legal case depends on witness and other parties involved. Inquiry is an evidence used by auditor and other evidence like confirmation with third parties, physical examination and inspection are also used extensively. Because of the nature of the conclusion made, a legal case also differs from an audit. In legal case a judge or jury decides the guilt or innocence of the defendant but in audit, after evaluating the evidence the auditor issues one of several audit opinions.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 7 - Prob. 1RQ Ch. 7 - Prob. 2RQ Ch. 7 - Prob. 3RQ Ch. 7 - Prob. 4RQ Ch. 7 - Prob. 5RQ Ch. 7 - Prob. 6RQ Ch. 7 - Prob. 7RQ Ch. 7 - Prob. 8RQ Ch. 7 - Prob. 9RQ Ch. 7 - Prob. 10RQ

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Explain the difference and similarities between evidence in a legal case and evidence in an audit of financial statements.

Explanation of Solution

Want to see more full solutions like this?

Chapter 7 Solutions