1 Page Super Summary of Auditing Standards 500 Audit Evidence

1 Page Super Summary of Auditing Standards 500 Audit Evidence

Auditing Standards 500 Audit Evidence


1. Purpose: Enlighten the concepts relating to audit evidence like types, reliability standards and methods to obtain the audit evidence  (i.e. Compliance procedures & Substantive procedures)

2. Reliability: Of audit evidence depends on its source­ internal or external, and on its nature ­ visual, documentary or oral.

3. Different Sources ­ Inconsistency: Evidence obtained from one source is inconsistent with that obtained from another, further procedures may have to be performed to resolve the inconsistency.

4. Doubt as to assertion: When the auditor is in doubt as to any assertion of material significance, he would attempt to obtain sufficient appropriate evidence to remove such doubt. If he is unable to obtain sufficient appropriate evidence he should not express a clean opinion.

5. Method to obtain Audit Evidence: The auditor obtains evidence in performing compliance

and substantive procedures by one or more of the following methods: Inspection, Observation, Inquiry and confirmation, Computation, Analytical review.



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