What is meant by each: vouching, tracing, and scanning?
Answer to relevant QuestionsWhat does analysis consist of? How is an auditor’s professional judgment applied in assessing the appropriateness of audit evidence? What audit administration working papers are included in the current audit evidence working paper files? When does an auditor need to use the work of an expert? What additional requirements must the auditor meet to use an expert’s work as evidence?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 ...
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