Two overriding considerations affect the many ways an auditor can accumulate evidence: 1. Sufficient appropriate evidence must be accumulated to meet the auditor's professional responsibility.
2) Cost of accumulating evidence should be minimized.
In evaluating these considerations
A) the first is more important than the second.
B) the second is more important than the first.
C) they are equally important.
D) it is impossible to prioritize them.

Question

Quizplus · Accepted Answer

The first consideration, ensuring sufficient appropriate evidence is accumulated to meet the auditor's professional responsibility, is paramount in auditing. This is because the primary goal of an audit is to provide an opinion on the financial statements' fairness and accuracy. While minimizing costs is important, it should not compromise the quality and sufficiency of audit evidence.

Two Overriding Considerations Affect the Many Ways an Auditor Can