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Audit Evidence and Documentation


After studying this chapter, you should be able to:

LO1

Explain the relationship between audit risk, audit evidence, and financial statement assertions.

LO2

Identify and explain the components of audit risk.

LO3

Distinguish between the concepts of sufficient and appropriate as they apply to audit evidence.

LO4

List and describe types of audit evidence.

LO5

Describe the considerations involved in auditing subjective areas, such as certain financial statement items valued at fair value.

LO6

Describe the purposes of audit documentation.

LO7

Discuss the factors that affect the auditors' judgment as to the nature and extent of audit documentation.

LO8

Identify matters that must be included in audit working papers.

LO9

Describe the types of working papers and the way they are organized.











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