Much of the effort spent in an audit entails the collection of evidence.Verifying the accuracy of certain information,often through communication with certain third parties,is known in the language of the auditor as
A)reperformance.
B)confirmation.
C)substantiation.
D)documentation.

Question

Quizplus · Accepted Answer

Verifying the accuracy of certain information through communication with third parties is known as confirmation. Choice A, reperformance, refers to the auditor's re-execution of procedures that were initially performed by the entity. Choice C, substantiation, refers to the provision of supporting evidence for a claim or argument. Choice D, documentation, refers to the recording of audit evidence in written form. While all of these terms are relevant to the audit process, confirmation is the most appropriate term for the described scenario.

Much of the Effort Spent in an Audit Entails the Collection