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Audit Evidence - 8 Video Lecture | Crash Course for CA Intermediate

FAQs on Audit Evidence - 8 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 conclusions and opinions about the financial statements of an entity. It is crucial because it helps auditors determine whether the financial statements are free from material misstatement, thus ensuring that stakeholders can rely on the accuracy of the financial information presented.

2. What are the different types of audit evidence?

Ans. The different types of audit evidence include physical evidence, such as inventory counts; documentary evidence, such as invoices and contracts; testimonial evidence, such as interviews with management; analytical evidence, which involves comparisons and ratios; and electronic evidence obtained from computer systems. Each type plays a unique role in forming a comprehensive view of the financial statements.

3. How do auditors evaluate the sufficiency and appropriateness of audit evidence?

Ans. Auditors evaluate the sufficiency of audit evidence by considering the quantity and quality of the evidence collected. Appropriateness is assessed based on the relevance and reliability of the evidence. For example, direct evidence from an external source may be considered more reliable than internal documents. Auditors aim to gather enough high-quality evidence to support their audit opinion.

4. What procedures do auditors use to gather audit evidence?

Ans. Auditors use various procedures to gather audit evidence, including inspection (examining records or physical assets), observation (watching processes or procedures), inquiry (asking questions to management and staff), confirmation (obtaining direct responses from third parties), and recalculation (checking mathematical accuracy). These procedures help ensure a thorough understanding of the entity’s financial situation.

5. How does the concept of materiality affect the collection of audit evidence?

Ans. The concept of materiality affects the collection of audit evidence by guiding auditors on what is significant enough to potentially influence the decisions of users of financial statements. Auditors focus on gathering evidence related to items or transactions that are material, meaning that misstatements in these areas could have a substantial impact on the overall financial statements. This helps auditors prioritize their efforts and resources effectively.

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Sep 30, 2025 Last updated

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CA Intermediate

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