Discuss the financial statement assertions associated

Reference no: EM131046970

Audit Objectives and Financial Statement Accounts. Look at the financial statements of a major public company. Pick three accounts and discuss the financial statement assertions that might be associated with those accounts. For example, the financial statement assertions might be associated with "Accrued Product Liability" are valuation, existence, completeness, and presentation and disclosure. Valuation relates to product liability because a judgment (estimate) must be made regarding the expected cost of defective products.

Reference no: EM131046970

Questions Cloud

Processes-procedures for providing informatio : Describe the appropriate work processes/procedures for providing information from and about records, which include the following:

Difference between tests of balances and transactions : For tests of balances, what are the major account balances in the balance sheet need to be examined. Why are these tests important?

The physical damage to the neighbor pickup : Michael was driving a neighbor's pickup truck to get a load of firewood. A child darted out between two parked cars and ran into the street in front of the truck. In an unsuccessful attempt to avoid hitting the child, Michael lost control of the v..

Amount of interest accrued on the closing date : Consider the following- The investment portfolio of a business as on 31-12-2012 stood as follows-

Discuss the financial statement assertions associated : Valuation relates to product liability because a judgment (estimate) must be made regarding the expected cost of defective products.

Financial statements of an enterprise : An audit in which the auditor examines the financial statements of an enterprise to express an opinion as to whether or not they reflect a true and fair view of its state of affairs and working results is known as?

An accident with another motorist : Janet has a PAP with the following coverages: Liability coverages: $100,000/$300,000/$50,000 Medical payments coverage: $5000 each person Uninsured motorists coverage: $25,000 each person Collision loss: $250 deductible Other-than-collision loss: ..

Moderating role of human resource management : The results of the study confirmed or did not confirm the hypotheses - Discuss how the data was analyzed and moderating role of human resource management.

What is an audit confirmation : In confirming a client's accounts receivable, what characteristics should be present in the accounts if the auditor is to use negative confirmations?

User Account

All Pages