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    Kylie Tarnate
    The document discusses risks auditors face when financial statements may contain material misstatements and the importance of gathering sufficient evidence. Auditors must identify risks and respond with procedures to address them, documenting the evidence gathered and conclusions. The chapter builds on audit evidence by discussing appropriate audit procedures for financial or integrated audits.

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    Material 3

    Uploaded by

    Kylie Tarnate
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    The document discusses risks auditors face when financial statements may contain material misstatements and the importance of gathering sufficient evidence. Auditors must identify risks and respond with procedures to address them, documenting the evidence gathered and conclusions. The chapter builds on audit evidence by discussing appropriate audit procedures for financial or integrated audits.

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    The document discusses risks auditors face when financial statements may contain material misstatements and the importance of gathering sufficient evidence. Auditors must identify risks and respond with procedures to address them, documenting the evidence gathered and conclusions. The chapter builds on audit evidence by discussing appropriate audit procedures for financial or integrated audits.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views3 pages

    Material 3

    Uploaded by

    Kylie Tarnate
    The document discusses risks auditors face when financial statements may contain material misstatements and the importance of gathering sufficient evidence. Auditors must identify risks and respond with procedures to address them, documenting the evidence gathered and conclusions. The chapter builds on audit evidence by discussing appropriate audit procedures for financial or integrated audits.

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    subject to certain risks of material misstatement;

    this fact creates risks for any auditor attempting to


    conduct a quality audit. Auditors first identify and
    assess the risks of material misstatement, and then
    they respond to those risks. In doing so, the auditor The specific
    audit procedures performed must address the risk of
    material misstatement in the financial statements or
    the likelihood that internal control over financial
    reporting contains material weaknesses. The
    auditors process of gathering and assessing the
    evidence must be documented, clearly laying out the
    evidence gathered, the auditors evaluation of that
    evidence, and the conclusions reached. In this
    chapter, we build on the concept of audit evidence
    presented in Chapter 5 by further discussing the
    type, extent, and timing of audit procedures typically
    performed during a financial statement or integrated

    audit.
    Through studying this chapter, you will be able to achieve these learning objectives:
    1. Discuss the importance of the evidence concepts
    of appropriateness and sufficiency.
    2. Identify factors affecting the appropriateness of
    audit evidence.
    3. Make professional judgments about the type and
    timing of audit procedures to use to obtain audit
    evidence.
    4. Discuss the use of, and apply, substantive
    analytical procedures.
    5. Identify factors affecting the sufficiency of audit
    evidence.
    6. Identify issues related to audit evidence needed
    for accounts involving management estimates..and statutory law.
    Source: Karla M. Johnstone
    University of WisconsinMadison

    Audrey A. Gramling
    Bellarmine University
    Larry E. Rittenberg

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