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Classification and Reliability of Audit Evidence - Documentation

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7-36 (Classification and Reliability of Audit Evidence)

Following are examples of documentation typically obtained by auditors.

For each example:
a. Classify the documentation as internal or external evidence.
b. Classify the documentation as to its relative reliability (high, moderate, or low).
c. Identify an account balance and assertion for which the auditor might use the documentation.

Documentary Evidence Used in an Audit

1. Vendor invoices
2. Vendor monthly statements
3. Sales invoices
4. Shipping documents for sales
5. Bank statements
6. Employee payroll time cards
7. Receiving reports for goods received from vendors
8. Sales contracts
9. Purchase commitment contracts
10. Lease agreements
11. Estimated warranty schedules
12. Purchase order stored on client computer and received by EDI
13. Credit rating reports
14. Vendor invoice stored on client computer and received by EDI

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Ashish Sharma, MBA (IP)
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  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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