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:
“No doubt Jews are most obnoxious creatures. Any competent historian or psychoanalyst can bring a mass of incontrovertible evidence to prove that it would have been better for the world if the Jews had never existed. But I, as an Irishman, can, with patriotic relish, demonstrate the same of the English. Also of the Irish.... We all live in glass houses. Is it wise to throw stones at the Jews? Is it wise to throw stones at all?”
—George Bernard Shaw (1856–1950)