What is the other name for observation in Audit Management?

[Mayank Mandhana]

Hello Team, I have a doubt in the question, can someone please answer. I have a confusion between Evidence and Findings. Thanks in advance.

[VS · Accepted solution]

Hi,

Evidence refers to the supporting documentation or artifacts that are used to substantiate or prove the existence or effectiveness of a control or process. It can include various types of files, such as reports, screenshots, policies, procedures, logs, or any other relevant information that demonstrates compliance or adherence to a particular requirement or standard.

Findings, on the other hand, are the results or conclusions drawn from the evaluation or analysis of the evidence. They represent the identified issues, non-compliance, gaps, or deficiencies in controls, processes, or systems that need to be addressed. Findings often include a description of the problem, its impact or significance, and recommendations for remediation or corrective actions.

To summarize:

Evidence is the supporting documentation or artifacts that prove compliance or effectiveness.

Findings are the identified issues or deficiencies based on the analysis of the evidence.

Hope this helps.

Thanks,

VS

[Mayank Mandhana]

So, We can say that Observation : Evidence.

[VS]

Hi,

No, observation and evidence are not interchangeable terms in the context of audit management in ServiceNow or generally in auditing.

Observation refers to the identification or discovery of a potential issue or non-compliance during an audit. It is a finding or a conclusion made by the auditor based on the examination of relevant information and assessment of the audited entity's processes, controls, or practices.

On the other hand, evidence refers to the supporting documentation or information that substantiates or validates the observations made during an audit. Evidence is the tangible proof or support for the auditor's conclusions or findings. It can include documents, records, interviews, test results, and other relevant information that supports the auditor's assessment.

In summary, observation is the outcome or conclusion of an audit, while evidence is the supporting documentation or information that backs up those observations.

Hope that makes it clear.

Thanks

VS