ISA 500 Audit Evidence

	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 a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Audit Evidence Audit evidence is evidence obtained by auditors during a financial audit A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are interna ... 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 ... [...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'' (2025 film), an Indian sports drama * Test (group), a jazz collective * ''Tests'' (album), a 1998 album by The Microphones * ''Testing'' (album), an album by ASAP Rocky Computing * .test, a reserved top-level domain * Software testing * 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 * Experiment, a procedure carried out in order to test a hypothesis * Statistical hypothesis test, techniques to reach conc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]
	Substantive Tests In grammar, a noun is a word that represents a concrete or abstract thing, like living creatures, places, actions, qualities, states of existence, and ideas. A noun may serve as an object or subject within a phrase, clause, or sentence.Example nouns for: * Living creatures (including people, alive, dead, or imaginary): ''mushrooms, dogs, Afro-Caribbeans, rosebushes, Mandela, bacteria, Klingons'', etc. * Physical objects: ''hammers, pencils, Earth, guitars, atoms, stones, boots, shadows'', etc. * Places: ''closets, temples, rivers, Antarctica, houses, Uluru, utopia'', etc. * Actions of individuals or groups: ''swimming, exercises, cough, explosions, flight, electrification, embezzlement'', etc. * Physical qualities: ''colors, lengths, porosity, weights, roundness, symmetry, solidity,'' etc. * Mental or bodily states: ''jealousy, sleep, joy, headache, confusion'', etc. In linguistics, nouns constitute a lexical category (part of speech) defined according to how its members combine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu]