|
ISA 500 Audit Evidence
ISA 500 Audit Evidence is one of the International Standards on Auditing. It serves to guide the auditor on obtaining audit evidence through the application of an appropriate mix of tests of control systems and substantive tests of transaction and balances. It requests the auditor to obtain 'sufficient' and 'appropriate' audit evidence in order to draw reasonable conclusions on which to base the audit opinion. The auditor considers reliability of audit evidence collected. For instance, audit evidence is more reliable when it exists in documentary form rather than subsequent oral representation of the matters. Auditors consider reliability of information but involve little authentication of evidence. Financial statement assertions It is stated in ISA 315 (paragraph A.124) that the auditor should use assertions for classes of transactions, account balances, and presentation and disclosures in sufficient detail to form a basis for the assessment of risks of material misstatement and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standards On Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities, audit planning, Internal Control, audit evidence, using the work of other experts, audit conclusions and audit reports, and standards for specialized areas. Use of the ISAs * European Union: The Audit Directive of 17 May 2006 enforces the use of the ''International Standards on Auditing'' for all Statutory audits to be performed in the European Union. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international audi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit Evidence
Audit evidence is evidence obtained by auditors during a financial audit and recorded in the audit working papers. Audit evidence is required by auditors to determine if a company has correct information considering their financial statements. If the information is correct, a CPA (Certified Public Accountant) can confirm the company's financial statements. Audit evidence is the primary support for an auditor's opinion on if there is a reasonable assurance that the company's financial statements are not materially misstated due to fraud or error. Audit evidence consists of various audit procedures and can often have a different role in the different stages of an audit. Audit evidence must be sufficient and appropriate, which means it is reliable and relevant. The auditor must use their own professional judgement when determining if the audit evidence is persuasive and sufficient. Audit evidence has undergone significant change with the emergence of Artificial Intelligence, Big Data ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tests Of Control
Test(s), testing, or TEST may refer to: * Test (assessment), an educational assessment intended to measure the respondents' knowledge or other abilities Arts and entertainment * ''Test'' (2013 film), an American film * ''Test'' (2014 film), a Russian film * ''Test'' (group), a jazz collective * ''Tests'' (album), a 1998 album by The Microphones Computing * .test, a reserved top-level domain * test (Unix), a Unix command for evaluating conditional expressions * TEST (x86 instruction), an x86 assembly language instruction People * Test (wrestler), ring name for Andrew Martin (1975–2009), Canadian professional wrestler * John Test (1771–1849), American politician * Zack Test (born 1989), American rugby union player Science and technology * Proof test * Stress testing * Test (biology), the shell of sea urchins and certain microorganisms * Test equipment Sports * Test cricket, a series of matches played by two national representative teams * Test match (rugby league), a m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substantive Tests
A noun () is a word that generally functions as the name of a specific object or set of objects, such as living creatures, places, actions, qualities, states of existence, or ideas.Example nouns for: * Living creatures (including people, alive, dead or imaginary): ''mushrooms, dogs, Afro-Caribbeans, rosebushes, Nelson Mandela, bacteria, Klingons'', etc. * Physical objects: ''hammers, pencils, Earth, guitars, atoms, stones, boots, shadows'', etc. * Places: ''closets, temples, rivers, Antarctica, houses, Grand Canyon, utopia'', etc. * Actions: ''swimming, exercises, diffusions, explosions, flight, electrification, embezzlement'', etc. * Qualities: ''colors, lengths, deafness, weights, roundness, symmetry, warp speed,'' etc. * Mental or physical states of existence: ''jealousy, sleep, heat, joy, stomachache, confusion, mind meld,'' etc. Lexical categories (parts of speech) are defined in terms of the ways in which their members combine with other kinds of expressions. The syntacti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inspection
An inspection is, most generally, an organized examination or formal evaluation exercise. In engineering activities inspection involves the measurements, tests, and gauges applied to certain characteristics in regard to an object or activity. The results are usually compared to specified requirements and standards for determining whether the item or activity is in line with these targets, often with a Standard Inspection Procedure in place to ensure consistent checking. Inspections are usually non-destructive. Inspections may be a visual inspection or involve sensing technologies such as ultrasonic testing, accomplished with a direct physical presence or remotely such as a remote visual inspection, and manually or automatically such as an automated optical inspection. Non-contact optical measurement and photogrammetry have become common NDT methods for inspection of manufactured components and design optimisation. A 2007 Scottish Government review of scrutiny of public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Observation
Observation is the active acquisition of information from a primary source. In living beings, observation employs the senses. In science, observation can also involve the perception and recording of data via the use of scientific instruments. The term may also refer to any data collected during the scientific activity. Observations can be qualitative, that is, only the absence or presence of a property is noted, or quantitative if a numerical value is attached to the observed phenomenon by counting or measuring. Science The scientific method requires observations of natural phenomena to formulate and test hypotheses. It consists of the following steps: # Ask a question about a natural phenomenon # Make observations of the phenomenon # Formulate a hypothesis that tentatively answers the question # Predict logical, observable consequences of the hypothesis that have not yet been investigated # Test the hypothesis' predictions by an experiment, observational study, field study, or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inquiry
An inquiry (also spelled as enquiry in British English) is any process that has the aim of augmenting knowledge, resolving doubt, or solving a problem. A theory of inquiry is an account of the various types of inquiry and a treatment of the ways that each type of inquiry achieves its aim. Inquiry theories Deduction When three terms are so related to one another that the last is wholly contained in the middle and the middle is wholly contained in or excluded from the first, the extremes must admit of perfect syllogism. By 'middle term' I mean that which both is contained in another and contains another in itself, and which is the middle by its position also; and by 'extremes' (a) that which is contained in another, and (b) that in which another is contained. For if ''A'' is predicated of all ''B'', and ''B'' of all ''C'', ''A'' must necessarily be predicated of all ''C''. ... I call this kind of figure the First. (Aristotle, ''Prior Analytics'', 1.4) Induction Inductive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Confirmation (audit)
In Christian denominations that practice infant baptism, confirmation is seen as the sealing of the covenant created in baptism. Those being confirmed are known as confirmands. For adults, it is an affirmation of belief. The ceremony typically involves laying on of hands. Catholicism views confirmation as a sacrament. The sacrament is called chrismation in the Eastern Christianity. In the East it is conferred immediately after baptism. In Western Christianity, confirmation is ordinarily administered when a child reaches the age of reason or early adolescence. When an adult is baptized, the sacrament is conferred immediately after baptism in the same ceremony. Among those Christians who practice teen-aged confirmation, the practice may be perceived, secondarily, as a "coming of age" rite. In many Protestant denominations, such as the Anglican, Lutheran, Methodist and Reformed traditions, confirmation is a rite that often includes a profession of faith by an already baptized pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Analytical Procedures
Analytical procedures are one of many financial audit processes which help an auditor understand the client's business and changes in the business, and to identify potential risk areas to plan other audit procedures. It is also the evaluation of financial information made by a study of plausible or credible relationships among both financial and non financial data Use and stage Analytical procedures are performed at three stages of audit: at start, in middle and at end of audit. These three stages are risk assessment procedures, substantive analytical procedures, and final analytical procedures. * Risk assessment procedures are used to assist the auditor to better understand the business and to plan the nature, timing and extent of audit procedures. * Substantive analytical procedures are used to obtain evidential matter about particular assertions related to account balances or classes of transactions. * Final analytical procedures are used as an overall review of the financia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standards
international standard is a technical standard developed by one or more international standards organizations. International standards are available for consideration and use worldwide. The most prominent such organization is the International Organization for Standardization (ISO). Other prominent international standards organizations including the International Telecommunication Union (ITU) and the International Electrotechnical Commission (IEC). Together, these three organizations have formed the World Standards Cooperation alliance. Purpose International standards may be used either by direct application or by a process of modifying an international standard to suit local conditions. Adopting international standards results in creating national standards that are equivalent, or substantially the same as international standards in technical content, but may have (i) editorial differences as to appearance, use of symbols and measurement units, substitution of a point for a com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
