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Audit Evidence - 6 Video Lecture | Crash Course for CA Intermediate

FAQs on Audit Evidence - 6 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 findings and opinions regarding the financial statements of an organization. It is important because it helps auditors to assess the accuracy and completeness of the financial records, ensuring that the statements present a true and fair view of the company's financial position. The quality and reliability of audit evidence are crucial for forming a sound audit opinion.

2. What are the different types of audit evidence?

Ans. The different types of audit evidence include physical evidence, documentary evidence, testimonial evidence, and analytical evidence. Physical evidence involves the examination of tangible assets, such as inventory. Documentary evidence includes invoices, contracts, and bank statements. Testimonial evidence comes from interviews and statements made by company personnel. Analytical evidence is derived from comparisons and ratios that help assess financial performance.

3. How do auditors determine the reliability of audit evidence?

Ans. Auditors determine the reliability of audit evidence based on several factors, including the source of the evidence, whether it is obtained directly or indirectly, and the circumstances under which it was gathered. Evidence obtained from independent sources is considered more reliable, while information from internal sources might need corroboration. Additionally, the auditor assesses the relevance and sufficiency of the evidence in relation to the audit objectives.

4. What is the difference between persuasive and conclusive audit evidence?

Ans. Persuasive audit evidence is sufficient to convince an auditor of the accuracy of financial statements but may not eliminate all doubt. It typically involves a variety of evidence types that support the auditor's conclusions. In contrast, conclusive audit evidence provides a definitive answer and is usually less common, as it completely confirms the accuracy of the financial information without any residual uncertainty.

5. How do sampling techniques affect the collection of audit evidence?

Ans. Sampling techniques affect the collection of audit evidence by allowing auditors to draw conclusions about an entire population based on a representative subset. This approach is often used when it is impractical or costly to examine every item. The auditor must ensure that the sample is randomly selected and large enough to provide reliable evidence. The quality of the sample can significantly impact the overall effectiveness of the audit findings.

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Sep 30, 2025 Last updated

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