Identify and Define the Seven Categories of Audit Evidence

question 70

Essay

Identify and define the seven categories of audit evidence.Which two types of evidence are the most expensive? Which three types of evidence are the least expensive? Which type of evidence would be most persuasive when testing the existence objective for long-term assets?

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Definitions:

Social Responsibility

The obligation of individuals, groups, or entities to act for the benefit of society at large, often evidenced by sustainable practices, philanthropy, and ethical behavior.

Economic Responsibility

The obligation of an organization or individual to act in ways that are financially beneficial and not harmful to the economy.

Minimum Ethically Required

The lowest standard of behavior expected of individuals or organizations, based on ethical principles and societal norms.

Social Responsibility

The obligation of individuals and organizations to act in ways that benefit society at large, often beyond legal or financial requirements.