By shaxriyor qurbonov Agenda What is AUDIT EVIDENCE ? - All collected data is not evidence;
- Data tested against criteria is evidence;
- Evidence is in the context of audit findings and test programme that supports it.
- the evidence should be competent, relevant and sufficient and as direct as possible.
- Why?-A professional requirement by auditing standard.
- data collection and sampling techniques should be carefully chosen;
- the auditors should have a sound understanding of techniques and procedures such as inspection, observation, enquiry and confirmation, to collect audit evidence; and
- the evidence should be competent, relevant and sufficient and as direct as possible.
1. Inspection: - It consists of examining records, documents to varying the degree of reliability. ]
- It also consist of examining tangible assets with respect to their existence but not necessarily as to their ownership or value.
2. Observation: - It consists of looking at a process or procedure being performed by others.
3. Inquiry : - It consist of seeking information of knowledgeable persons inside or outside of entity. It can be in form of written inquiries addressed to third parties or informal oral inquiries addressed to inside.
4. Confirmation: - It consist of response to an inquiry to corroborate information contained in the accounting records.
5. Computation: - It consists of checking the arithmetical accuracy of sources documents and accounting records.
6. Analytical Procedures: - It consists of the analysis of significant ratios and trends including the resulting investigation of fluctuation
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