Audit evidence

Question 1

What is meant by audit evidence?

Answer 1

Audit evidence is all the information used by the auditor in arriving at the conclusion on which the auditor’s opinion is based

Question 2

What is meant by sufficient and appropriate audit evidence?

Answer 2

Sufficient audit evidence refers to the quantity of evidence to support the audit opinion

Appropriate evidence should be relevant and reliable:

Relevant evidence is the evidence gathered that must cover the financial statement assertions

Reliable evidence must be trustworthy