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reliability

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › reliability

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Ken Garrett.
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  • Author
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  • September 2, 2016 at 11:52 am #337044
    piero980
    Member
    • Topics: 12
    • Replies: 7
    • ☆

    Hi,

    I have watched all of your videos and found them very useful however I still have a doubt regarding the reliability of different factors according to ISA 500. I may be wrong but I seem to remember that in one of your videos the evidence obtained directly by auditors is considered to be more reliable than the evidence created internally with an effective internal control whereas in Kaplan material is the other way around.

    Could you please confirm that the list of the most reliable sources of evidence below is correct?

    1) Independent 3rd party
    2) internally generated with effective internal control
    3) evidence obtained directly by the auditor
    4) evidence in documentary form
    5) evidence in original form

    Thanks a lot

    September 2, 2016 at 10:35 pm #337169
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    What are you asking? Is this a list of declining reliability or what?

    The items are not mutually exclusive. For example 1 and 4 and 5 could all apply at the same time. Are 1 and 2 alternatives or they could be two ways of obtaining the same evidence (eg bank certificate for 3rd party evidence and cash book balance + reconciliation for internal).

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