Emerald Article: Audit evidence: the US standards and landmark cases Rocco R. Vanasco, Clifford R. Skousen, Richard L. Jenson
To cite this document: Rocco R. Vanasco, Clifford R. Skousen, Richard L. Jenson, (2001),"Audit evidence: the US standards and landmark cases", Managerial Auditing Journal, Vol. 16 Iss: 4 pp. 207 - 214 Permanent link to this document: http://dx.doi.org/10.1108/02686900110389151 Downloaded on: 30-04-2012 References: This document contains references to 45 other documents To copy this document: email@example.com This document has been downloaded 2787 times.
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Audit evidence: the US standards and landmark cases
Rocco R. Vanasco College of Management and Business, Center for Internal Auditing Studies, National-Louis University, Chicago, Illinois, USA Clifford R. Skousen Ernst and Young Professor and Head, School of Accountancy, Utah State University, Logan, Utah, USA Richard L. Jenson School of Accountancy, Utah State University, Logan, Utah, USA
Auditing, Evidence, Accounting standards, Financial statements, Risk
The ultimate purpose of the audit is the gathering of evidence that supports the Abstract auditor's expression of an opinion. Evidence Auditors gather evidence to has been defined by philosophers, jurists, formulate their judgment on astronomers, mathematicians, medical financial statements and in assessing the risk factors professionals, and scientists. The accounting concerning the company under and auditing professional associations have audit. Examines the role played by studied audit evidence, promulgated statutes, the American Institute of Certified issued statements on auditing principles and Public Accountants (AICPA) and the Securities and Exchange interpretations to clarify auditing principles Commission (SEC) in developing in an attempt to create a framework for a auditing standards concerning theory of audit evidence. audit evidence. Significant court In this paper we will first explain what and SEC cases relating to audit evidence are described and issues audit evidence is. We will then follow the discussed. chronology of the pronouncements of the American Institute of Certified Public Accountants (AICPA) in promulgating auditing standards dealing with audit evidence. This establishes a framework for the examination of specific landmark court and Securities and Exchange Commission (SEC) cases that have driven the establishment of audit evidence standards.
Montgomery (1940), in his classic textbook, Auditing Theory and Practice, defined evidence as the ``underlying data which substantiate the figures and explanations appearing in the financial statements.'' In the book The Philosophy of Auditing (a known classic in the auditing literature), Mautz and Sharaf (1963) classify...