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SA 500 requires audit evidence to be:
AFrom management only
BSufficient AND appropriate
CVerbal only
DAlways from third parties
Answer & Solution
Correct answer: C. Verbal only
1. SA 500.4 requires sufficient (quantity) AND appropriate (quality) evidence.
2. Appropriateness includes relevance and reliability.
3. Reliability factors: source, nature, circumstances.
_Source: ICAI BoS CA Final Paper 3, Ch 6 "Standards on Auditing and Professional Ethics"_
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