Cost should never be a consideration when making decisions about evidence for a given audit.

Question

Quizplus · Accepted Answer

Cost is one of the important factors that should be considered when making decisions about evidence for a given audit. The audit team should aim to obtain sufficient and appropriate evidence while keeping the cost reasonable. However, cost should not be the only factor and should not compromise the quality and reliability of evidence. Other factors, such as the nature of the audited entity, the risk of material misstatement, the availability of alternative sources of evidence, and the effectiveness of the control environment, should also be considered.

Cost Should Never Be a Consideration When Making Decisions About