10. Evidence - Objectives and Nature

Question 1

According to AU-C 500, Audit Evidence:

Answer 1

Most of the auditor’s work in forming an opinion on financial statements consists of obtaining and evaluating audit evidence.

Question 2

The objectives of audit documentation are to provide

Answer 2

(1) a sufficient and appropriate record of the basis of the auditor’s report and (2) evidence that the audit was performed in accordance with GAAS and other requirements.

Question 3

Audit documentation is the record of

Answer 3

(1) the audit procedures performed, (2) relevant evidence obtained, and (3) conclusions reached.