Acca aaa s21 Notes

5. Sufficient, appropriate audit evidence
This is assumed knowledge from your earlier studies.
ISA 500 states that there should be:
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Sufficient
๏
Appropriate
audit evidence, to be able to draw reasonable conclusions on which to base an audit opinion.
Sufficient
concerns the quantity of audit evidence. 
Appropriate
concerns the quality of audit evidence - its relevance and reliability. With respect to the 
reliability of audit evidence , remember the general 'rules of thumb':
๏
External evidence is better than the entity's records. 
๏
Evidence obtained directly by the auditor is better than evidence passed on by the clients. 
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Audit evidence is better if there is a sound system of internal control. 
๏
Written evidence is much better than oral. 
๏
Originals are better than photocopies.
For AAA, as well as being able to describe audit procedures (as for AA), you will be expected to be able 
to "evaluate ... if sufficient and appropriate audit evidence has been obtained". 
September 2021 to June 2022 exams
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Chapter 14
RELEVANT ACCOUNTING STANDARDS
1. Introduction
Remember, the financial statements will not show a true and fair view if amounts have not been 
calculated, classified, presented or disclosed in line with the applicable financial reporting framework.
For ACCA exams this means IFRSs.
Auditors must therefore obtain evidence to confirm that the accounting standards have been 
complied with.
The table below summarises the accounting standards relevant to the ACCA syllabus. If you need to, 
go back to SBR material (available on the 
OpenTuition
site). But, actually, the best way to revise these 
and see how they are examined in AAA is do do lots of past ACCA questions. Note that as past exams 
are not updated on ACCA's website, you should purchase a current edition Revision Kit from an ACCA-
Approved publisher.