Audit Evidence

ISA 330 The Auditor's Responses to Assessed Risks requires the auditor to design and perform audit procedures whose "nature, timing and extent are based on and are responsive to the assessed risks of material misstatement."

In essence the auditor has to obtain audit evidence sufficient to enable them to offer reasonable assurance that the financial statements are free from material misstatement. Therefore the selection and application of the procedures designed to achieve this are of vital importance to an effective audit.

Auditors are required to obtain sufficient and appropriate evidence to form an audit opinion. Modern auditing also requires consideration of a number of additional factors that affect the design of audit procedures, namely:

• the use of computer assisted audit techniques,
• the use of auditors' experts,
• the use of internal auditors, and
• the difficulties of auditing estimates.

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