AYB301 Lecture Notes - Lecture 5: Audit Evidence, Accounts Receivable, Financial Statement
Document Summary
Audit programs detail the auditor"s plan to gather, evaluate and document evidence. Sufficient, appropriate evidential matter asa 500 (6: the auditor shall design and perform audit procedures that are appropriate in the circumstances for the purpose of obtaining sufficient appropriate audit evidence. The auditor gathers evidence to evaluate the management assertions embodied in the financial statements and individual accounts: existence or occurrence, completeness, rights and obligations. Ownership: valuation or allocation, presentation and disclosure. Disclosure x x x x x x x x x x x x x x x x. If you can gather evidence during the year you do this! However, there are different types of accounts: some have a high turnover of transactions, such as accounts receivable, others, such as many long-term accounts (assets, liabilities, owners" equity) are more stable: The auditor may focus on the transactions that occurred during the audit period. Confirmations with outside parties strong evidence.
