Final Review Part III Flashcards

1
Q

Audit Evidence

A
  • consist of underlying accounting data
  • corroborating evidence
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2
Q

Sufficient Audit Evidence

A
  • RMM = more risk = more evidence
  • quality of audit evidence = low quality = more evidence
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3
Q

Appropriate Audit Evidence

A
  • reliability: dependent
    –> auditor direct knowledge
    –> external evidence
    –> internal evidence
    –> oral evidence
  • relevance: related to the assertion under consideration
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4
Q

Statistical Sampling

A
  • measure the sufficiency of the evidence
  • design an efficient sample
  • quantify sampling risk
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5
Q

Inventory

A
  • an auditor is not responsible for counting the inventory
  • we are observing it
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