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Basic Concepts in Auditing Learning Objectives After reading this chapter, student should be able to ♦ ♦ 2 Understand the concepts of auditor’s independence, its importance under the Companies Act and Chartered Accountants Act. Explain Audit evidence, Sufficiency and appropriateness of audit evidence, types of audit evidence, relevance and reliability of audit evidence, and also methods to obtain audit evidence. Understand materiality, its definition as per AS 1 and judge the materiality of the item in different circumstan