Importance Evidence the auditor obtains at each audit stage gives assurance for the auditor to make a reasonable opinion on the reliability of financial statements. To form an opinion, the auditor should understand the cause and effect relation of the process in terms of an information-based approach to consistent analysis of evidence that lay the basis for the auditor's opinion. Objectives The objective of the article is to examine theoretical aspects of audit evidence substance in order to outline a logic approach to steps the auditor should take in order to express an opinion in an audit report. The theoretical and methodological framework of the research draws upon proceedings of national and foreign scientists in the theory of audit, periodical materials on the subject. Methods The research employs general theoretical methods of studying (analysis, synthesis). The article investigates the substance of audit evidence, discloses approaches of various authors to defining the substance, and provides a specified definition. Results Based on the data grouping method, I classify audit evidence in order to find reasonable ways and methods of obtaining it. Following the targeted approach to audit evidence, I devise an algorithm for obtaining audit evidence with a definite sequence of the auditor's steps. When applying the abstraction technique, I logically interpret how the auditor develops his/her opinion in terms of consistent analysis of information flows that serve as the basis for audit evidence. Conclusions and Relevance I conclude that the auditor evaluates audit evidence as an objective basis for an opinion on the basis of professional judgment. As the novelty of the research, it expands scientific knowledge of the specifics of auditing as shown in the article and uses a methodological approach to substantiating the auditor's opinion by analyzing the information basis, i.e. audit evidence. Theoretical and methodological studies allow us to specify and clarify the process of generating the auditor's opinion in an audit report in order to improve the information framework for internal and external users.
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