Performance of an analytical procedure requires the use of information produced by the entity being audited (IPE). Required: a. Whenever an auditor uses IPE in an audit procedure, the auditor must ensure that the information is reliable. According to auditing standards, when using IPE as audit evidence, what procedures should the auditor evaluate to determine whether the information is sufficient and appropriate for purposes of the audit? (You may select more than one answer. Single click the box with the question mark to produce a checkmark for correct answers and double click the box with the question mark to empty the box for wrong answers.) Check all that apply:
- Determine the financial statement items or accounts and assertions affected.
- Determine the nature, timing, and extent of the population to be tested.
- Determine the overall purpose and specific objectives of the Audit Data Analytic.
- Obtain audit evidence about the completeness and accuracy of the information.
- Evaluate whether the evidence is sufficiently precise and detailed for the auditor's purposes.
- Evaluate whether the preferred tools will work efficiently with the data.
