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:
“However backwards the world has been in former ages in the discovery of such points as GOD never meant us to know,—we have been more successful in our own days:Mthousands can trace out now the impressions of this divine intercourse in themselves, from the first moment they received it, and with such distinct intelligence of its progress and workings, as to require no evidence of its truth.”
—Laurence Sterne (1713–1768)