According to SA 200 Overall Objective of Independent Auditor and Conduct of an Audit, the purpose of an audit of financial statements is to enhance the credibility of the financial statements by the auditor expressing an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
SA 500 explains what constitutes audit evidence in an audit of financial statements. It deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to draw reasonable conclusions on which to base the auditor’s opinion.
In this story, we have discussed the audit checklist for SA 500, Audit Evidence , which helps the auditor in gathering the necessary sufficient and appropriate audit evidence for obtaining a reasonable assurance that the financial statements are free from material statement.
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