An auditor is verifying a companys ownership of equipment What is the best evidence of ownership

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An auditor is verifying a companys ownership of equipment What is the best evidence of ownership

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Which of the following documents would be the most reliable evidence for an audit?

Answer and Explanation: The correct answer to the above is Option (a) A written confirmation sent by a bank directly to the auditor. The information or evidence obtained from outside the organization is more reliable than information or evidence obtained from within the organization.

What are the types of audit evidence?

Audit evidence is collected through audit procedures..
Physical examination. ... .
Confirmations. ... .
Documentary evidence. ... .
Analytical procedures. ... .
Oral evidence. ... .
Accounting system. ... .
Re-performance..

What are the duties of an auditor in verification of assets?

It is the auditor's duty to verify the asset shown in the balance sheet from the Plant Register. (vii) depreciation after making proper adjustments regarding new purchases of machinery and sale of old machinery during the year. So, it should be valued at utility value.

Which of the following should be considered an audit procedure for obtaining evidence?

Audit procedures to obtain audit evidence can include inspection, observation, confirmation, recalculation, reperformance and analytical procedures, often in some combination, in addition to inquiry.