Sufficient and Appropriate Audit Evidence and Importance of Audit Documentation

ACC-3 Auditing Doc
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ACC-3 Auditing Doc
The concepts of sufficient and appropriate audit evidence relate to the auditor's responsibility to provide audit evidence of sufficient quantity and quality that meets acceptable auditing standards. Audit risk relates to audit evidence. As the risk of material misstatement or the risk associated with control increases, so does the amount of evidence required to respond to those risks. At the same time, the quality of the evidence in terms of relevance and reliability must also increase, which means that the need for additional corroborating evidence decreases. Auditing accounting estimates and other subjective information involves much uncertainty and the inherent risk of misstatement. The three approaches for substantively evaluating fair value measurements ...