Document ID: chunk:federal_register_of_legislation:F2025L00107:front:0:p114
Version: federal_register_of_legislation:F2025L00107
Segment Type: other
Provision Reference: 
Character Range: 362645–365943

practitioner engaged by an entity to provide a one-to-many report (see paragraph A291).

 1.       The practitioner is not required to perform an exhaustive search to identify all possible sources of information to be used as evidence. The practitioner's understanding of the entity and its environment, the applicable criteria and the entity's system of internal control may assist the practitioner in identifying appropriate sources of information.

 2.       The practitioner ordinarily obtains more assurance from consistent evidence obtained from different sources or of a different nature than from items of evidence considered individually. In addition, obtaining information intended to be used as evidence from different sources or of a different nature may indicate that an individual item of information intended to be used as evidence is not reliable. For example, corroborative information obtained from a source independent of the entity may increase the assurance the practitioner obtains from a representation from management. Conversely, when evidence obtained from one source is inconsistent with that obtained from another, the practitioner determines what additional procedures are necessary to resolve the inconsistency.

Attributes of relevance and reliability of information

 1.       The quality of evidence depends on the relevance and reliability of the information upon which it is based. Whether, and the degree to which, certain attributes of relevant and reliable information are considered applicable in the circumstances is a matter of professional judgement.

Relevance

 1.       The principal attribute of the relevance of information intended to be used as evidence deals with the logical connection with, or bearing upon, the purpose of the procedure, including, in a reasonable assurance engagement, the assertion being tested. The degree to which the information relates to meeting the purpose of the procedure may also be a consideration.

Reliability

 1.       The reliability of information intended to be used as evidence deals with the degree to which the practitioner may depend on such information. Common attributes that may be applicable when considering the degree to which information intended to be used as evidence is reliable may include whether the information is:

         1.                 Accurate (free from error).

         2.                 Complete (reflecting all applicable events, conditions and circumstances).

         3.                 Authentic (genuine, authorised and not inappropriately altered).

         4.                 Free from bias (whether intentional or unintentional).

         5.                 Credible (generated by a competent, capable and trustworthy source).

Factors that affect the practitioner's professional judgement regarding the attributes of relevance and reliability

 1.       Factors that may affect the practitioner's professional judgement about the relevance and reliability of information intended to be used as evidence, including which attributes of reliability may be applicable in the circumstances, include:

           * The disclosures and, for reasonable assurance engagements, the assertions, for which the information will be used as evidence. Information may be relevant to