Witness
Financial Dictionary — Auditing
Definition
is an individual who testifies at a trial on what he has seen, heard, or otherwise observed.
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 **Witness** 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.