Page 21 - Auditing Standards

As of December 15, 2017

AS 1105: Audit Evidence

Effective Date: For audits of fiscal years beginning on or after Dec. 15, 2010

Final Rule: PCAOB Release No. 2010-004
Guidance on AS 1105: Staff Audit Practice Alerts No. 8 and No. 12

Summary Table of Contents

.01 Introduction

.03 Objective

.04 Sufficient Appropriate Audit Evidence

.11 Financial Statement Assertions

.13 Audit Procedures for Obtaining Audit Evidence

.22 Selecting Items for Testing to Obtain Audit Evidence

.29 Inconsistency in, or Doubts about the Reliability of, Audit Evidence

Introduction

.01 This standard explains what constitutes audit evidence and establishes requirements regarding
designing and performing audit procedures to obtain sufficient appropriate audit evidence.

.02 Audit evidence is all the information, whether obtained from audit procedures or other sources, that is
used by the auditor in arriving at the conclusions on which the auditor's opinion is based. Audit evidence
consists of both information that supports and corroborates management's assertions regarding the financial

statements or internal control over financial reporting and information that contradicts such assertions.

Objective

.03 The objective of the auditor is to plan and perform the audit to obtain appropriate audit evidence that
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is sufficient to support the opinion expressed in the auditor's report.

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