most reliable? A. Material requisition slips. B. Copies of sales invoices. C. Pu
ID: 2578430 • Letter: M
Question
most reliable? A. Material requisition slips. B. Copies of sales invoices. C. Purchase requests. D. Bank statements. 122] Documentary evidence is one of the principal types of information usnuary evidence substantiate an opinion. Which one of the following examples of docurn used by an auditor to documentary evidence is the Answer: 23] Which statement about audit evidence is false? A. The auditor is seldom convinced beyond all doubt with respect to audited. B. The auditor should not perform a procedure that provides perns conclusive evidence. persuasive evidence rather than C. The auditor evaluates the degree of risk involved in deciding the kind D. The auditor balances the benefits of the evidence and the cost to obtain it. Answer: of evidence to gather. 124] Appropriate audit evidence is best defined as evidence that A. Is relevant and reliable in providing support for the conclusions on which the opinion is based. B. Is obtained by observing people, property, and events. C. Is supplementary to other evidence already given and tends to strengthen or confirm it. D. Proves an intermediate fact, or group of facts, from which one can infer the existence of some other fact that is significant to the issue considered. Answer 1251 The greatest weakness of the audit procedure of inspecting tangible assets is that A. The inspection may need to occur at a specific time. B. The cost of such evidence exceeds its benefits. C. The auditor may require the help of an expert to evaluate what has been inspected. D. The client may conceal evidence. Answer: 1261 Which of the following factors is most important in determining the appropriateness of audit evidence? A. The reliability of the evidence in meeting the audit objective. B. The objectivity of the auditor gathering the evidence. C. The quantity of the evidence obtained. D. The independence of the source of evidence. AnswerExplanation / Answer
22)As i understand answer is D)Bank Statements
Reason:
Auditor needs to document all the evidences that he obtained to reach the conclusions in expressing his opinion on financial statements.However the quantity,qulaity,Reliability of evidence depends upon the risk,materiality,professional judgement etc.Reliability of audit evidence depends upon its source or origin and method of obtaining evidence.It is more reliable when obtained from third parties or independent sources.
In the given question option a,b,c are created internally and option d is from external source that is bank.
Therefore option d is most reliable document evidence
23)Answer is Option B:
Reason:Audit evidence is usually persuasive rather than convincing for two reasons. First, since an audit must be completed in a reasonable amount of time and at a reasonable cost, the auditor examines only a sample of the transactions that compose the class of transactions or account balance. Second, due to the nature of evidence, auditors must often rely on evidence that is not perfectly reliable. The types of audit evidence examined by the auditor have different degrees of reliability, and even highly reliable evidence has weaknesses. Therefore, the evidence obtained by the auditor seldom provides absolutely convincing evidence about an audit objective.
24)In my opinion answer is option A
Reason:An auditor performing Audit must obtain sufficient appropriate evidence to support well-founded conclusions.Evidence is appropriate if it provides relevant and reliable support for the auditor's judgments. Appropriate evidence is sufficient when the internal auditor has obtained enough of it to support valid conclusions
25)Answer is Option B:
Reason:Sufficient audit evidence relates to the quantity of evidence needed to support the conclusion .cost of obtaining evidence should not exceed expected benefit,because of it the auditor cannot draw certain procedures
26)My answer is option A-The reliability of the evidence in meeting the audit objective
Reason:An auditor performing Audit must obtain sufficient appropriate evidence to support well-founded conclusions.Evidence is appropriate if it provides relevant and reliable support for the auditor's judgments. Appropriate evidence is sufficient when the internal auditor has obtained enough of it to support valid conclusions.
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