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Katseye Katseye
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Discuss three of the following characteristics of relevant evidence.
1.Independence of provider
2.Effectiveness of client's internal controls
3.Auditor's direct knowledge
4.Qualification of individuals providing the information
5.Degree of objectivity
6.Timeliness
Textbook 

Auditing and Assurance Services


Edition: 17th
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mamaputmamaput
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More questions for this book are available here
1.Independence of provider - Evidence obtained from a source outside the entity is more reliable and persuasive than that obtained from within.
2.Effectiveness of client's internal controls - When a client's internal controls are effective, evidence obtained is more reliable than when the controls are not effective.
3.Auditor's direct knowledge - Evidence obtained directly by the auditor through physical examination, observation, computation and inspection is more reliable than information obtained indirectly.
4.Qualification of individuals providing the information - Although the source of information is independent, the evidence will not be reliable unless the individual providing it is qualified to do so. Communications from attorneys and bank confirmations are typically more highly regarded than accounts receivable confirmations from persons not familiar with the business world. Also, evidence obtained directly by the auditor may not be reliable if the auditor lacks the qualifications to evaluate the evidence.
5.Degree of objectivity - Objective evidence is more reliable than evidence that requires considerable judgment to determine whether it is correct.
6.Timeliness - The timeliness of audit evidence can refer either to when it is accumulated or to the period covered by the audit. Evidence is usually more reliable for balance sheet accounts when it is obtained as close to the balance sheet date as possible.

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