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APA
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Accounting, Finance, SPSS
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Reaction Paper
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English (U.S.)
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Audit Evidence and Audit Events

Reaction Paper Instructions:

The Standard states that the auditor's responsibility is " to design and perform audit procedures in such a way to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor opinions. The audit evidence consists of accounting records related to the financial statement and other information that auditors gather. Contain documents such as circularization that they obtain from third parties or the client. So the auditor consider two factors, sufficiency, and appropriateness.
We have to look at the types of audit risks to determine the difference in what happen. When we look at this you can see if it a human error. Some professional have a look deeply into three types of errors to come to a decision, what is the difference in audit events. 1) detection risks, 2) control risk, 3) and Inherent risk. By these, the auditor fail to detect the misstatements and the errors, in the company's the financial statement. in that they issue wrong opinion on those that is on the financial statements.

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Audit evidence refers to all materials used by an auditor to reach the judgments in which the auditor's opinion is based, either acquired via audit processes or different means. The auditor should plan and carry out auditing procedures to collect sufficient and relevant audit evidence from backing up their conclusions. The extent of audit evidence is determined by sufficiency, which is impacted by the risk of material misstatement or the control risk (Mubako & O'Donnell, 2018). As the degree of risk increases, so does the amount of proof the auditor must gather. Notably, the quality of the audit evidence obtained too has an effect. The necessity for further supporting evidence lessens as the quality of the evidence increases. However, obtaining more of the same audit evidence does not compensate for the insufficient evidence quality. Approp...
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