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The third generally accepted standard of
audit fieldwork requires that auditors obtain sufficient, competent audit
evidence to afford a reasonable basis for an opinion regarding the financial
statements under examination. In considering what constitutes sufficient,
competent audit evidence, a distinction should be made between underlying
accounting data and all corroborating information available to the auditor.
What presumptions can be made about the following?
·
The relative
competence of evidence obtained from external and internal sources.
·
The role of
internal control with respect to internal evidence produced by a client’s data
processing system.
The relative persuasiveness of auditor observation
and recalculation evidence compared to external, external-internal, and
internal documentary evidence.
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