CA Intermediate Exam > CA Intermediate Videos > Crash Course for CA Intermediate > Audit Evidence - 7
Audit Evidence - 7 Video Lecture | Crash Course for CA Intermediate
FAQs on Audit Evidence - 7 Video Lecture - Crash Course for CA Intermediate
| 1. What is the importance of audit evidence in the auditing process? |  |
Ans. Audit evidence is crucial in the auditing process as it provides the foundation for the auditor's opinion on the financial statements. It helps in substantiating the assertions made by management regarding the financial position and performance of an entity. High-quality audit evidence increases the reliability of the audit, ensuring that the auditor's conclusions are based on sound information.
| 2. What are the different types of audit evidence? | |
Ans. The different types of audit evidence include physical evidence, documentary evidence, analytical evidence, and testimonial evidence. Physical evidence refers to tangible assets, such as inventory, while documentary evidence includes invoices, contracts, and bank statements. Analytical evidence involves comparisons and ratios derived from financial data, and testimonial evidence consists of statements from management or third parties regarding financial information.
| 3. How does the reliability of audit evidence vary? | |
Ans. The reliability of audit evidence varies based on its source and nature. Evidence obtained directly from independent external sources (such as bank confirmations) is considered more reliable than that obtained from internal sources. Similarly, evidence that is original and objective, like physical inspections, is more reliable than mere verbal or informal documentation. The auditor must evaluate the reliability based on these factors.
| 4. What are the factors that affect the sufficiency of audit evidence? | |
Ans. The sufficiency of audit evidence is affected by the risk of material misstatement and the quality of the evidence obtained. Higher risks often necessitate more extensive evidence. Additionally, the nature of the audit procedure used, the population size, and the specific assertions being tested also play a role. Auditors must balance the quantity and quality of evidence to ensure that they can form a reasonable opinion.
| 5. How do auditors gather audit evidence effectively? | |
Ans. Auditors gather audit evidence effectively through a combination of methods, including inspection, observation, inquiry, confirmation, recalculation, and analytical procedures. They develop a well-structured audit plan to determine the appropriate procedures needed based on the specific circumstances of the audit. The use of technology and data analytics can also enhance the efficiency and effectiveness of gathering audit evidence.
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Sep 30, 2025
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