Question

What are some of the risks auditors now face when storing audit evidence?

Answer 1

Risks while storing audit evidences:

1.Sufficiency of audit evidences:

Sufficiency and appropriateness is necessary to ensure quality of the audit evidences. High risk requires more audit evidences.

2.Source of audit evidences:

Source of the evidence must be realistic by nature. Audit evidence collected from internal source of the entity is more reliable than external source.

3.Reliability & Authenticity:

The information, documents used as evidence must be authentic for example financial instruments, photocopies, electronic documents.

4.Accuracy & completeness of the evidence:

The supporting information to the evidences collected during audit procedure should be accurate and complete.