CA Intermediate Exam > CA Intermediate Videos > Crash Course for CA Intermediate > Audit Evidence - 5
Audit Evidence - 5 Video Lecture | Crash Course for CA Intermediate
FAQs on Audit Evidence - 5 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 an auditor to support their conclusions and opinions regarding the financial statements of an entity. It is crucial because it helps ensure that the financial statements are free from material misstatement, providing users with reliable information for decision-making.
| 2. What are the different types of audit evidence? | |
Ans.Audit evidence can be categorized into several types, including physical evidence (e.g., inventory counts), documentary evidence (e.g., invoices, contracts), testimonial evidence (e.g., statements from management), analytical evidence (e.g., ratios and trends), and electronic evidence (e.g., data from accounting systems). Each type plays a distinct role in forming a comprehensive audit opinion.
| 3. How do auditors determine the sufficiency and appropriateness of audit evidence? | |
Ans.Auditors assess the sufficiency and appropriateness of audit evidence by considering the quantity and quality of the evidence gathered. Sufficiency relates to the amount of evidence needed to support the auditor's opinion, while appropriateness refers to the relevance and reliability of the evidence. Factors influencing these assessments include the risk of material misstatement and the effectiveness of internal controls.
| 4. What is the relationship between audit evidence and audit risk? | |
Ans.The relationship between audit evidence and audit risk is significant. Audit risk is the risk that an auditor may issue an incorrect opinion on financial statements. The level of audit evidence collected directly impacts this risk; more robust evidence can reduce audit risk, while insufficient evidence increases the likelihood of undetected misstatements.
| 5. How does the concept of materiality affect the collection of audit evidence? | |
Ans.Materiality affects the collection of audit evidence by guiding auditors on the significance of certain findings. Auditors focus on obtaining evidence for items that are material to the financial statements, meaning that omitting or misstating them could influence the decisions of users. This helps in prioritizing the areas of higher risk and ensuring efficient use of resources during the audit process.
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Sep 30, 2025
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