ISA 500 Audit Evidence
Editing ISA 500 Audit Evidence is one of the International Standards on Auditing. It serves to expect the auditor is to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances.
It requests the auditor to obtain 'sufficient' and 'appropriate' audit evidence in order to draw reasonable conclusions on which to base the audit opinion.
The auditor considers reliability of audit evidence collected. For instance, audit evidence is more reliable when it exists in documentary form rather than subsequent oral representation of the matters. Auditors consider reliability of information but involve little authentication of evidence.
Read more about ISA 500 Audit Evidence: Financial Statement Assertions
Famous quotes containing the word evidence:
“There is evidence that all too many people are approaching parenthood with a dangerous lack of knowledge and skill. The result is that many children are losing out on what ought to be an undeniable right—the right to have parents who know how to be good parents, parents skilled in the art of “parenting.””
—T. H. Bell (20th century)