Audit Evidence
Financial Dictionary — Auditing
Definition
includes written and electronic information (such as checks, records of electronic fund transfers, invoices, contracts, and other information) that permits the auditor to reach conclusions through reasoning.
Use cases, Example & Why it matters
Use cases
- Used in audit planning to understand risks and design procedures.
- Used during testing (controls/substantive) and documentation of audit evidence and conclusions.
- Used during testing (controls/substantive) and documentation of audit evidence and conclusions.
Example
- Example: The auditor references **Audit Evidence** when designing procedures and documenting conclusions in the audit file.
Why it matters
- Why it matters: Supports high-quality, defensible audit conclusions and helps detect material misstatements and control weaknesses.