Audit evidence refers to the information obtained by the auditor in arriving at the conclusions on which the audit opinion on the financial statements is based.
Audit evidence comprises source documents and accounting records underlying the financial statements and corroborating information from other sources. For example a confirmation from the bank on the client‘s bank balance is evidence that the auditor could use in verifying the existence of the bank balance.
Audit evidence is obtained by carrying out both compliance and substantive procedures.
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