Which of the following statements is not correct?
A) There are many ways an auditor can accumulate evidence to meet overall audit objectives.
B) Sufficient appropriate evidence must be accumulated to meet the auditor's professional responsibility.
C) It is appropriate to minimize the cost of accumulating evidence.
D) Gathering evidence and minimizing costs are equally important considerations that affect the approach the auditor selects.

Question

Quizplus · Accepted Answer

The statement that gathering evidence and minimizing costs are equally important considerations is not correct. While it is important to consider costs, the primary focus of an auditor is to accumulate sufficient appropriate evidence to meet the auditor's professional responsibility and ensure the audit's objectives are met. Cost considerations should not compromise the quality and sufficiency of audit evidence.

Which of the Following Statements Is Not Correct