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Page 1 of 6CPA REVIEW SCHOOL OF THE PHILIPPINES ManilaAUDITING THEORY AUDIT EVIDENCE AND DOCUMENTATION Related SAS: PSA 500(rev) and 230 Audit Evidence/PSA 500(rev) Audit Evidence 1. Which statement

How to fill out audit evidence and documentation

How to fill out audit evidence and documentation:

1. Start by gathering all relevant financial records, such as bank statements, invoices, receipts, and payroll information.
2. Organize the documents in a systematic manner, either chronologically or by category, to make it easier to locate specific information during the audit process.
3. Ensure that all required supporting documentation is complete and accurate. Double-check for missing or incorrect information that may hinder the audit process.
4. Clearly label and annotate each document to provide context and explain its relevance to the audit.
5. Use appropriate auditing software or tools to digitize and store the documentation if required, ensuring that it is easily accessible for auditors and maintains its integrity.
6. Obtain any necessary approvals or signatures on the documentation, such as from supervisors or relevant stakeholders, to validate its accuracy and completeness.
7. Regularly review and update the audit evidence and documentation throughout the audit process, making note of any changes or updates to ensure an accurate audit trail.

Who needs audit evidence and documentation:

1. External auditors: Audit evidence and documentation are essential for external auditors to assess the fairness and accuracy of financial statements, identify any potential risks, and provide an unbiased opinion on an organization's financial health.
2. Internal auditors: Internal audit teams rely on audit evidence and documentation to evaluate internal control systems, assess compliance with policies and procedures, and identify areas where improvements may be needed.
3. Regulators and government agencies: Audit evidence and documentation support regulators and government agencies in verifying compliance with laws, regulations, and reporting requirements. They aid in assessing an organization's financial stability and can be crucial for initiating legal actions if any irregularities are found.
4. Stakeholders and investors: Audit evidence and documentation provide stakeholders, shareholders, and potential investors with reliable financial information to make informed decisions about an organization's performance, profitability, and risk management.
5. Management and executives: audit evidence and documentation assist management and executives in monitoring and evaluating the effectiveness of internal controls, identifying operational inefficiencies or errors, and implementing necessary corrective actions to improve organizational performance.

In summary, filling out audit evidence and documentation involves gathering, organizing, and maintaining financial records in a systematic manner. External auditors, internal auditors, regulators, stakeholders, and management all require audit evidence and documentation for different purposes, ranging from assessing financial statements to ensuring compliance with legal and regulatory requirements.

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What is audit evidence and documentation?

Audit evidence and documentation refers to the supporting materials that auditors collect and analyze to reach their conclusions during an audit.

Who is required to file audit evidence and documentation?

Audit evidence and documentation must be filed by the auditors conducting the audit.

How to fill out audit evidence and documentation?

Audit evidence and documentation should be filled out accurately and completely, following the guidelines set by auditing standards.

What is the purpose of audit evidence and documentation?

The purpose of audit evidence and documentation is to provide a record of the auditors' findings, conclusions, and the basis for their opinions.

What information must be reported on audit evidence and documentation?

Audit evidence and documentation should include details of the audit procedures performed, the results of those procedures, and any significant findings.