Complete the description of auditing procedures by filling in the gaps with terms from the following list:
sufficient
statements
relevant
sample
truth
inquiry
sampling
confirmations
observation
reliable
vouching
-Auditors must gather ________________reliable evidence in order to support their conclusions as to the ________________and fairness of financial reporting. They use various techniques for gathering evidence including ________________, re-performance, re-calculation, ________________, analytical procedures, third party ________________ and ________________. Audit evidence must be ________________ and capable of evidencing the effectiveness of internal controls and the ___________ relating to classes of transactions.
Correct Answer:
Verified
Q1: Which two of the following substantive procedures
Q2: Which of the following audit procedures for
Q4: Re-performance is a way of gathering evidence.
Q5: Evidence should be appropriate which means it
Q6: Limited assurance assignments require a negative auditor's
Q7: Evidence gathered as a result of the
Q8: Which one of the following factors would
Q9: Confirmation is a form of audit evidence
Q10: The higher the assessment of audit risk
Q11: Assertions about account balances at the period
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