CA Intermediate Exam > CA Intermediate Videos > Crash Course for CA Intermediate > Audit Evidence - 1
Audit Evidence - 1 Video Lecture | Crash Course for CA Intermediate
FAQs on Audit Evidence - 1 Video Lecture - Crash Course for CA Intermediate
| 1. What is audit evidence and why is it important in the auditing process? |  |
Ans. Audit evidence refers to the information collected by auditors to support their opinions on the financial statements of an entity. It is crucial because it helps auditors determine whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. The reliability of financial statements relies heavily on the quality and quantity of audit evidence gathered.
| 2. What are the different types of audit evidence? | |
Ans. There are several types of audit evidence, including physical evidence (e.g., inventory counts), documentary evidence (e.g., invoices and contracts), analytical evidence (e.g., financial ratios), and testimonial evidence (e.g., interviews with management). Each type serves a unique purpose and contributes to the overall assurance provided by the audit.
| 3. How do auditors determine the sufficiency and appropriateness of audit evidence? | |
Ans. Auditors assess the sufficiency and appropriateness of audit evidence based on its relevance to the audit objectives and the risk of material misstatement in the financial statements. Sufficiency refers to the quantity of evidence obtained, while appropriateness relates to the quality, including reliability and relevance. A combination of both factors helps auditors decide how much evidence is needed to form a reasonable opinion.
| 4. What is the relationship between audit evidence and internal controls? | |
Ans. Audit evidence and internal controls are closely related. Strong internal controls often lead to more reliable audit evidence because they reduce the risk of material misstatement in financial statements. Auditors evaluate internal controls to determine their effectiveness, which in turn influences the nature, timing, and extent of evidence collection during the audit process.
| 5. How does the concept of professional skepticism apply to the gathering of audit evidence? | |
Ans. Professional skepticism is an essential attitude that auditors must maintain while gathering audit evidence. It involves questioning the validity of the evidence and being alert to conditions that may indicate possible misstatement. By exercising professional skepticism, auditors are more likely to identify unusual transactions or discrepancies, leading to a more thorough and effective audit.
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