ISA 501 Audit Evidence - Additional Considerations for Specific Items
Encyclopedia
ISA 501 Audit Evidence - Additional Considerations for Specific Items is one of the International Standards on Auditing
. It sets out guidance additional to the ones in ISA 500 Audit Evidence
to help auditor to obtain audit evidence
with respect to the below certain specific financial statement
account balances and discloures:
International Standards on Auditing
International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...
. It sets out guidance additional to the ones in ISA 500 Audit Evidence
ISA 500 Audit Evidence
Editing ISA 500 Audit Evidence is one of the International Standards on Auditing. It serves to expect the auditor is to obtain audit evidence from an appropriate mix of tests of control systems and substantive tests of transaction and balances....
to help auditor to obtain audit evidence
Audit evidence
Audit evidence is evidence obtained during a financial audit and recorded in the audit working papers.* In the audit engagement acceptance or reappointment stage, audit evidence is the information that the auditor is to consider for the appointment...
with respect to the below certain specific financial statement
Financial statement
A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...
account balances and discloures:
- Physical inventory counting
- Litigation and claimsCause of actionIn the law, a cause of action is a set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party. The term also refers to the legal theory upon which a plaintiff brings suit...
- Long-term investments
- Segment information