There Are Eight Types of Audit Evidence: Physical Examination, Confirmation

question 46

Essay

There are eight types of audit evidence: physical examination, confirmation, inspection, observation, inquiries of the client, reperformance, analytical procedures, and recalculation. For each of the following types of audit tests, indicate the type(s) of evidence that can be obtained through the test: (1) tests of controls, (2) substantive tests of transactions, (3) analytical procedures, and (4) tests of details of balances.

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Definitions:

Oral Warranties

Guarantees made verbally about the quality or function of a product, not in written form.

Comparative Negligence

A legal doctrine that reduces the plaintiff's damages award by the percentage of their fault in causing the injury.

Strict Liability

Strict Liability is a legal principle that holds an individual or entity responsible for damages or harm caused by their actions, irrespective of negligence or intent.

Contributory Negligence

is a defensive legal strategy used to claim that an injured party cannot recover damages if it is demonstrated that they were also at fault, even partially, for their own injury.