When making decisions about evidence for a given audit, the auditor's goal is to obtain a sufficient amount of timely, reliable evidence that is relevant to the information being verified.In addition, the goal of audit efficiency is to gather and evaluate the information:
A)no matter the cost involved in obtaining such evidence.
B)even if cost is irrelevant to the auditor, because they bill the client for costs incurred.
C)at the lowest possible total cost.
D)at the cost suggested in the engagement letter.

Question

Quizplus · Accepted Answer

The auditor's goal is to gather and evaluate evidence in the most cost-efficient manner possible, without sacrificing the quality and relevance of the evidence obtained. Thus, the best choice is C, which states that the goal is to gather evidence at the lowest possible total cost. Choices A and B are incorrect because cost should always be a consideration in determining the appropriate amount and nature of evidence to obtain. Choice D is also incorrect because the engagement letter does not specify the cost of obtaining evidence, but rather outlines the scope and objectives of the audit engagement.

When Making Decisions About Evidence for a Given Audit, the Auditor's