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Audit Evidence & Assertions According to ASA500 Audit Evidence the auditor should obtain sufficient appropriate audit evidence on which to base their audit opinion. Required: For each audit

Audit Evidence & Assertions

According to ASA500 ‘Audit Evidence’ – the auditor should obtain sufficient appropriate audit evidence on which to base their audit opinion. Required: For each audit procedure listed in the table below, indicate: (a) one management assertion to which it relates, and (b) the type of audit evidence obtained by each procedure.

Audit Procedure (a) ManagementAssertion (b) Type of Evidence

Example: Select a sample of non-current assets and inspect them. Existence(mngt assertion) Physical(evidence)

1. A confirmation was sent to the client’s bank

2. Use CAATs to compare sales prices on a sample of sales invoices with the master price file

3. Attend and observe the client’s inventory stock take.

4. Re-perform the client’s ageing of accountsreceivables.

5. Enquire with the company’s solicitor about a possible law suit involving the audit client.

6. Inspect purchases invoices recorded after the year-end to establish proper cut-off.

Aug 10 2021 View more View Less

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