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Explain whether you agree or disagree with the following statement: For every control selected for testing,...

Explain whether you agree or disagree with the following statement: For every control selected for testing, the internal auditor requires the same quality (relevance and reliability) and quantity (sufficiency) of audit evidence. PLease give example not just yes or no.

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Answer #1

Yes, I do agree.

Whenever an auditor performs the audit, he has to match the journal entries with the vouchers. These vouchers/receipts are the evidences that should be kept by the company for audit purpose. Auditor must check the relevance, quality and quantity of the evidences. On the basis of sufficient audit evidences, he is able to go ahead with the audit procedure and these help in making the audit report. Auditors provide professional judgement about the financial health of the company. These evidences are the basis of auditor's opinion.

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