Attachments: ACC 491 Week 4 Team Scenario Assignment Cheat Sheet on Evidence and Documentation.doc [ Preview Here ]
In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Chapter 7). To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation.
Prepare a "Cheat Sheet" that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words:
· Comparison of Audit, Scientific and Legal Evidence Standards.
· Consideration of Sample Sizes and Methods (random, haphazard, monetary unit sample, judgmental) and how sampling affects evidence.
· Relevance, Reliability and Sufficiency of Evidence.
· Brief statement on the 80 types of audit evidence (physical examination, observation, confirmations, inquiry, recalculation, etc.).
· Purpose, Ownership, Confidentiality and Retention of Documentation.