Is it a reliable evidence in relation to account opened in bank?
1) account was only opened in the year and therefore was not subject to prior year audit procedures.
Reliability of evidence
5y ago#1Again, to be perfectly honest, it makes no sense to be talking about a lack of evidence in prior year for something that did not exist at that time. To ensure completeness of recording of bank account balances, the auditor would ask the bank to confirm (in the "bank report for audit purposes") details of all accounts in the client's name - including any opened (and similarly closed) during the year.
Will it reduce the reliability of evidences?
5y ago#3Perhaps this is what you are asking? https://opentuition.com/topic/reliability-of-audit-evidence-2