ADM 3349 Lecture Notes - Lecture 8: Audit Evidence, Audit Risk, Analytical Review

• School: University of Ottawa
• Department: Administration
• Course: ADM 3349
• Professor: Bailey Church

Document Summary

Audit evidence - any informaion used by the auditor to determine whether informaion under audit is stated in accordance with criteria. Suiciency - quanity of evidence obtained determines suiciency. Also consider auditor"s expectaions of errors and efeciveness of client"s internal controls. Appropriateness - the quality of the evidence. The more appropriate it is, the less is needed. Relevant - must pertain to, or be relevant to the audit objecive. Reliable - auditor"s direct knowledge, independence of provider, efeciveness of internal controls, qualiicaions of individuals providing the informaion, objecivity. Timeliness - more persuasive the closer evidence is obtained to the b/s date. Physical examinaion - inspecion of a tangible asset (inventory, cash). Not good for valuaion and can be expensive. Conirmaion - receipt of a writen or oral response from independent third part verifying accuracy of info requested by auditor (a/r most common). Documentaion - examinaion of client documents or records.