classify information (1-5) according to its source (that is evidence obtained directly by the auditor, evidence obtained from third parties or evidence from the auditee.) You are an internal auditor at Wolf Limited. The company manufactures and supplies footballmerchandise and often sponsors the local Premier Football League participating clubs withsoccer kits to and tickets to spectators. You are about to perform an audit of the sponsorshipfunds and are required to gather information to achieve the engagement's objectives. Standard2310 requires that internal auditors identify and use sufficient, reliable, relevant and usefulinformation when performing an engagement. You found the following information in theprevious audit file:1. An internal auditor observes one of the weekly draws for football event tickets.2. An internal auditor reviews a signed copy of the report that lists the names of thewinners, the list is compiled by the marketing clerk.3. An internal auditor examines goods received notes received from the club asacknowledgement of receipt of football kits delivered.4. An internal auditor examines a photocopy of the inventory list that will be used duringthe inventory count from the warehouse manager.5. An internal auditor reconciles the number of tickets issued against the list of winners.

solution concept source and reliability of audit evidence The reliability of the…

Answered: lassify information (1-5) according to…

lassify information (1-5) according to its source (that is evidence obtained directly by the auditor, evidence obtained from third parties or evidence from the au

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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classify information (1-5) according to its source (that is evidence obtained directly by the auditor, evidence obtained from third parties or evidence from the auditee.)

You are an internal auditor at Wolf Limited. The company manufactures and supplies football
merchandise and often sponsors the local Premier Football League participating clubs with
soccer kits to and tickets to spectators. You are about to perform an audit of the sponsorship
funds and are required to gather information to achieve the engagement's objectives. Standard
2310 requires that internal auditors identify and use sufficient, reliable, relevant and useful
information when performing an engagement. You found the following information in the
previous audit file:
1. An internal auditor observes one of the weekly draws for football event tickets.
2. An internal auditor reviews a signed copy of the report that lists the names of the
winners, the list is compiled by the marketing clerk.
3. An internal auditor examines goods received notes received from the club as
acknowledgement of receipt of football kits delivered.
4. An internal auditor examines a photocopy of the inventory list that will be used during
the inventory count from the warehouse manager.
5. An internal auditor reconciles the number of tickets issued against the list of winners.

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