What is the sufficiency of evidence?
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Sufficient evidence means evidence sufficient to support a reasonable belief, taking into consideration all relevant factors and circumstances, that it is more likely than not that the Respondent has engaged in a Sanctionable Practice.
What is the meaning of sufficient and appropriate evidence?
Sufficiency of audit evidence is the measure of the quantity of audit evidence. Appropriateness of evidence is the quality of the evidence, i.e., its relevance and reliability to support the auditor’s opinion. Audit evidence includes information provided in books of accounts as well as information from other sources.
What is sufficient audit documentation?
Audit documentation must contain sufficient information to enable an experienced auditor, having no previous connection with the engagement: To understand the nature, timing, extent, and results of the procedures performed, evidence obtained, and conclusions reached, and.
Are the accounting records sufficient audit evidence?
However, because accounting records alone do not provide sufficient appropriate audit evidence on which to base an audit opinion on the financial statements, the auditor should obtain other audit evidence.
What characteristics an audit evidence should possess to be termed as sufficient and appropriate audit evidence?
Good auditing evidence should be sufficient, reliable, provided from an appropriate source, and relevant to the audit at hand.
How could an auditor obtain sufficient appropriate audit evidence?
Auditors design detailed audit procedures to obtain sufficient appropriate audit evidence. Procedures can include inspection, observation, confirmation, recalculation, reperformance, and analytical procedures, often in some combination.
What is the difference between sufficient and appropriate?
As adjectives the difference between sufficient and appropriate. is that sufficient is equal to the end proposed; adequate to wants; enough; ample; competent; as, while appropriate is (obsolete) set apart for a particular use or person; reserved.
Which of the following is generally true about the sufficiency of audit evidence?
Which of the following is generally true about the sufficiency of audit evidence? The amount of evidence that is sufficient varies directly with the acceptable risk of material misstatement.
How are sufficiency appropriateness related?
The appropriateness of audit evidence refers to its relevance and reliability. The sufficiency of evidence is a measure of evidence quality.
What is an example of substantial evidence?
For example, in the case of Reeves v. Washington County, 24 Or LUBA 483 (1993), the court found substantial evidence is evidence that a reasonable person would accept as adequate to support a conclusion.
What does sufficient and appropriate audit evidence mean?
While sufficiency relates to the quantity of audit evidence, appropriateness relates to its quality. Therefore, appropriate audit evidence refers to the measure of the quality of audit evidence. The standard also defines what it means by quality.
What is the strongest form of audit evidence?
What is the strongest form of audit evidence? Because this form of audit evidence is generated by the auditor, not by the entity being audited, observation is considered to be strong evidence for existence.
What is correct about the appropriateness of audit evidence?
Evidence is generally considered appropriate when: it is relevant to the audit objective being tested. Given the economic and time constraints in which auditors can collect evidence about management assertions about the financial statements, the auditor normally gathers evidence that is: persuasive.
What is reliability of audit evidence?
what is reliable audit evidence? Audit evidence is obtained from an appropriate mix of tests of control and substantive procedures. In some circumstances, evidence may be obtained entirely from substantive procedures. The reliability of audit evidence is influenced by its source: internal or external, and by its nature: visual, documentary or oral.