A regression planning and evaluation system that processes distorted or inaccurate input data obtained from an environment, wherein the regression planning and evaluation system, when operated, obtains audit evidence by detecting distortions or inaccuracies of the input data, the regression planning and evaluation system being automated or semi-automated, characterized in that the regression planning and evaluation system comprises a server arrangement that is configured to: (a) obtain input data pertaining to a given use case for which the audit evidence is to be obtained, the input data comprising data values of a set of variables for a plurality of samples associated with the given use case; (b) validate the input data based on a predefined set of statistical rules; (c) provide a user with an interactive user interface to enable the user to input a plurality of audit parameters to be employed for the audit evidence, the plurality of audit parameters comprising at least one of: an assurance level to be achieved, a tolerable error, a statistical sampling technique to be employed; (d) automatically select a target variable and at least one explanatory variable that are to be employed for generating a regression plot; (e) generate the regression plot and identify an upper acceptance bound and a lower acceptance bound to be indicated with respect to a regression line in the regression plot, the regression plot representing a variation of a target variable with respect to at least one explanatory variable, wherein the regression plot is to be generated for the plurality of samples, and wherein the upper acceptance bound and the lower acceptance bound are to be identified based on the plurality of audit parameters; (f) identify, from amongst the plurality of samples, key items that are required to be tested, the key items being samples that fall outside the upper acceptance bound and the lower acceptance bound in the regression plot, wherein server arrangement of regression planning and evaluation system is further configured to: - enable, via the interactive user interface, the user to adjust the assurance level to be achieved and the tolerable error for the audit evidence; and - iteratively perform (e) and (f) for the adjusted assurance level and the adjusted tolerance error, and wherein the server arrangement is configured to enable, via the interactive user interface, the user to reconcile the validated input data to a source from where the input data was obtained at (a), wherein the reconciliation is implemented automatically by the server arrangement, using a regression module. (a) obtain input data pertaining to a given use case for which the audit evidence is to be obtained, the input data comprising data values of a set of variables for a plurality of samples associated with the given use case; (b) validate the input data based on a predefined set of statistical rules; (c) provide a user with an interactive user interface to enable the user to input a plurality of audit parameters to be employed for the audit evidence, the plurality of audit parameters comprising at least one of: an assurance level to be achieved, a tolerable error, a statistical sampling technique to be employed; (d) automatically select a target variable and at least one explanatory variable that are to be employed for generating a regression plot; (e) generate the regression plot and identify an upper acceptance bound and a lower acceptance bound to be indicated with respect to a regression line in the regression plot, the regression plot representing a variation of a target variable with respect to at least one explanatory variable, wherein the regression plot is to be generated for the plurality of samples, and wherein the upper acceptance bound and the lower acceptance bound are to be identified based on the plurality of audit parameters; (f) identify, from amongst the plurality of samples, key items that are required to be tested, the key items being samples that fall outside the upper acceptance bound and the lower acceptance bound in the regression plot, wherein server arrangement of regression planning and evaluation system is further configured to: - enable, via the interactive user interface, the user to adjust the assurance level to be achieved and the tolerable error for the audit evidence; and - iteratively perform (e) and (f) for the adjusted assurance level and the adjusted tolerance error, and - enable, via the interactive user interface, the user to adjust the assurance level to be achieved and the tolerable error for the audit evidence; and - iteratively perform (e) and (f) for the adjusted assurance level and the adjusted tolerance error, and wherein the server arrangement is configured to enable, via the interactive user interface, the user to reconcile the validated input data to a source from where the input data was obtained at (a), wherein the reconciliation is implemented automatically by the server arrangement, using a regression module.