Sufficient appropriate evidential matter Discuss the importance of the phrase "sufficient appropriate evidence is to be obtained..." How do auditing standards define sufficiency and appropriateness?
Audit standards states that auditors must obtain sufficient appropriate evidence by performing various audit procedures in order to support the audit opinion regarding the financial statements under audit.
The AICPA's AU-C 500 defines sufficiency as "the measure of the quantity of audit evidence. The quantity of the audit evidence needed is affected by the auditor's assessment of the risks of material misstatement and also by the quality of such evidence.". The AICPA's AU-C 500 defines appropriateness as "the measure of the quality of audit evidence (that is, its relevance and reliability in providing support for the conclusions on which the auditor's opinion is based)".
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