What Are The Sources Of Audit Evidence?

What are the source of audit data?

Internal sources of audit evidence include a company’s documented processes, policy documents, accounting records, invoices, system logs, and reports.

External sources of audit evidence can include information from banks, debtors, suppliers, stock exchanges, and the Internal Revenue Service..

How do you get audit evidence?

A2. Most of the auditor’s work in forming the auditor’s opinion consists of obtaining and evaluating audit evidence. Audit procedures to obtain audit evidence can include inspection, observation, confirmation, recalculation, reperformance, and analytical procedures, often in some combination, in addition to inquiry.

What are the 8 types of audit evidence?

Terms in this set (8)physical examination. inspection or count or tangible assets. … confirmation. receipt of written or oral repsonse from independent 3rd party, verifying accuracy of info requested by auditor. … inspection (documentation) … recalculation. … client inquiries. … re-performance. … analytical procedures. … observation.

What is persuasiveness of audit evidence?

B. Persuasiveness of Audit Evidence. Audit evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with established criteria. Two determinants of persuasiveness of evidence are: Competence – the degree to which evidence can be considered trustworthy.

What is data quality audit?

The Data Quality Audit Approach The data quality audit is a business rules-based approach that incorporates standard deviation to identify variability in sample test results.

What are the sources that comprises of audit evidence?

Audit procedures to obtain audit evidence can include inspection, observation, confirmation, recalculation, reperformance and analytical procedures, often in some combination, in addition to inquiry.

What are examples of audit evidence?

Examples of auditing evidence include bank accounts, management accounts, payrolls, bank statements, invoices, and receipts. Good auditing evidence should be sufficient, reliable, provided from an appropriate source, and relevant to the audit at hand.

How do you audit data?

Here is a simple 5-step process to conduct an in-house data audit at your company:Find out what you have. You can’t make your data work for you until you know what data you’re talking about. … Find out where it is. … Interview key players. … Prioritize and organize. … Track how your data is being used.

What is Reperformance in audit?

39 Reperformance is the auditor’s independent execution of procedures or controls that were originally performed as part of the entity’s internal control, either manually or through the use of CAATs, for example, reperforming the aging of accounts receivable.