Audit Evidence

All information used by the auditor to form an opinion, including accounting records, documents, confirmations, and other corroborating information gathered during the audit.

Technical Per ISA 500, audit evidence is information used by the auditor in arriving at conclusions on which the audit opinion is based, comprising both supporting and contradictory evidence.

Example The auditor obtained sufficient audit evidence from bank confirmations and subsequent cash receipts to verify the receivable balance.

The quality and quantity of evidence necessary to reduce audit risk to an acceptable low level.

Technical The sufficiency and appropriateness of evidence determine its persuasiveness, balancing more assurance with materiality and risk, as required by ISA 500.

Example Given the high risk of fraud in the area, the auditor increased the persuasiveness of audit evidence by performing physical inventory counts.