In evaluating cost of evidence,which of the following evidence qualities of the audit usually has the lowest cost?
A)High quality.
B)Medium quality.
C)Low quality.
D)All cost the same.

Question

Quizplus · Accepted Answer

Low quality evidence typically has the lowest cost as it requires less effort and resources to obtain and analyze. However, it should be noted that relying solely on low quality evidence can increase the risk of errors and misstatements. Therefore, auditors need to consider a combination of high, medium, and low quality evidence to obtain reasonable assurance during an audit.

In Evaluating Cost of Evidence,which of the Following Evidence Qualities