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SA 500 Audit Evidence - Summary and Podcast

www.neerajarora.com
CA

SA 500 Audit Evidence - Summary and Podcast

Dec 20, 2022
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Share this post

SA 500 Audit Evidence - Summary and Podcast

www.neerajarora.com

Here is the link to the SA 500 Audio Summary

Audit By Neeraj
23 SA 500 Audit Evidence 2022
Listen now (21 min) | This Standard on Auditing (SA) outlines the responsibilities of an auditor to obtain sufficient and appropriate audit evidence in order to form reasonable conclusions and provide an opinion on financial statements. It covers all aspects of the audit process, including the design and execution of audit procedures to obtain audit evidence. Other SAs addre…
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2 months ago · 2 likes · Neeraj Arora and Neeraj Arora

SA 500, Audit Evidence. It sets out the general principles and requirements for obtaining and evaluating audit evidence in order to support the audit opinion on financial statements.

Some key points to consider when applying SA 500 include:

  • The objective of an audit is to obtain sufficient and appropriate audit evidence to provide a reasonable basis for the audit opinion.

  • Audit evidence should be relevant, reliable, and sufficient to support the conclusions reached in the audit.

  • The nature, timing, and extent of audit procedures performed should be based on the auditor's professional judgment, considering the specific circumstances of the audit.

  • The audit evidence obtained should be documented and retained in accordance with professional standards.

  • The auditor should evaluate the audit evidence obtained, including its relevance and reliability, and consider whether it supports the auditor's conclusions.

Overall, SA 500 provides guidance on the importance of gathering and evaluating audit evidence in order to support the audit opinion on financial statements. It helps ensure that auditors follow a consistent and thorough process for obtaining and evaluating audit evidence, which helps to ensure the reliability and credibility of the audit process.

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SA 500 Audit Evidence - Summary and Podcast

www.neerajarora.com
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