Question: What are the strengths and limitations of observation based audit evidence
What are the strengths and limitations of observation-based audit evidence?
Answer to relevant QuestionsIf analysis is used to provide substantive audit evidence, what steps must be taken regarding the source information used in the analysis? What is considered the most important content of the current audit working papers? Required:1. Classify the following evidential items by type (direct knowledge, external, and so on), and rank them in order of appropriateness:a. Amounts shown on monthly statements from creditorsb. Amounts shown on “paid ...You have been assigned to the audit of the financial statements of Equality Coffee Roasters Limited (ECR) for its year ending December 31, 20X2. The company started five years ago and is in the business of obtaining coffee ...Can control risk be high for one assertion and low for another assertion for the same account balance? Explain.
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