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?

---

Definitions:

Missing Context

The absence of necessary information or background that provides clarity or understanding.

Expected Profit

The anticipated financial gain from an investment or business venture, taking into account both potential earnings and losses.

Electronics Company

A business involved in the manufacturing, designing, and/or selling of electronic devices and components.

Independent Events

Two or more events whose outcomes are not affected by each other, meaning the occurrence of one event does not influence the occurrence of the other.