The completeness of the audit evidence
Sufficient concept refers to the number of categories of audit evidence to be collected in order to draw conclusions for the audit. There is no common measure of completeness, this issue requires huge speculation in the profession of auditors in each specific situation. In fact generally accepted auditors collect evidence at the level of "convincing" than "with certainty". Auditors need to consider factors affecting the adequacy of audit evidence.
- Validity of audit evidence: Evidence Audit lower reliability, the more have to collect evidence because evidence has low reliability is not sufficient to identify a plausible object of the audit. A confirmation of the auditors should be based on a solid basis, so in the process of gathering evidence, auditors must gather as much information and verification for a problem, the evidence obtained will be more more reliable.
- the materiality of audit evidence: According to the Vietnam auditing standards No. 200, "materiality is the term used to express the importance of the information (the accounting data) in financial report. Information is considered material means that without such information or inaccuracy of information that will influence the decisions of users of financial statements ". As required by the standard "financial statements audited no longer contain material misstatements considering opinions of auditors in the audit report" Thus specific object of the audit as vital the number of audit evidence gathered as much, then the auditor can give a valid opinion on the subject audit, if not all errors occurring in this object can be a material effect on with the financial statements.
- risk level: the object is evaluated potentially high risks, the amount of evidence needed to collect more. For example, cash capital items is very high-risk because money lightweight, easily embezzlement and money-related transactions happened many, ... To reduce audit risk to strengthen measures check money as inventory, check the details, increase the number of audit evidence collected.
- the economics, the cost of obtaining audit evidence Auditors when gathering audit evidence needed weigh the audit evidence obtained with the costs spent to obtain audit evidence there. So for each specific item auditors must determine the number of appropriate audit evidence to balance the entire cost of an audit.
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