Do you understand how auditors verify account balances and transactions? This knowledge can minimize disruptions when auditors conduct fieldwork and maximize your audit’s effectiveness. Five common sources of “substantive evidence” include: 1) Confirmation letters 2) Original source documents 3) Physical observations 4) Comparisons to external market data 5) Recalculations. To streamline your upcoming audit, let’s discuss the types of evidence we expect to gather for each financial statement category. We can help you anticipate document requests and inquiries. Please contact an Axley & Rode advisor for further assistance. For any further inquiries, please visit our website: https://bit.ly/3P1EdXL
