[The following paragraph was effective for periods ended on or after June 25, 1983. It was deleted, effective for audits of fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004.
Return to the current version.]
Return to the current version.]
.04
The third standard of field work states, "Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit." Either approach to audit sampling, when properly applied, can provide sufficient evidential matter.