Audit Evidence

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Audit Evidence by Mind Map: Audit Evidence

1. Persuasiveness of Evidence

1.1. Sufficiency

1.2. Appropriateness

1.3. Source of Evidence

1.3.1. Provider qualifications

1.3.2. Objectivity

1.3.3. Consistency

2. Definition

2.1. Stuff auditors gather to support their opinion on the presentation

2.2. Must be documented

2.3. Must support risk at certain level

3. Identify areas with Risk of Material Misstatement by Assertion

3.1. Audit procedures addresses

3.1.1. Relevancy & Reliability

3.2. Sample sizes & techniques

3.2.1. Sufficiency

3.3. Timeliness Addresses

3.3.1. when to perform procedures

3.3.2. part of period covered

4. Audit Procedures

4.1. Inspection

4.1.1. The physical examination of the item of interest

4.1.2. Tracing / Vouching

4.2. Observation

4.2.1. Observe the evidence / client control

4.3. Inquiry

4.3.1. Written or representation evidence from client

4.4. Confirmation

4.4.1. Written or representation evidence from independent third party

4.4.2. Positive / Negative confirmation

4.5. Recalculation

4.5.1. Recheck the computation performed by clients

4.5.2. Computer-Assisted Audit Techniques (CAATs)

4.6. Reperformance

4.6.1. Performed internal control procedure

4.7. Analytical Procedures

4.7.1. Compare the current result to get the expectation results

5. Financial Closing Process & Journal Entry Postings