audit tests and recording items in the audit, Auditing

Assignment Help:

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be recorded for the audit report.

 Audit Test

Referring to the case study auditor can use, apply management ascertain act of all plan audit and far each audit engagement team member prepare an audit programe and identifies objectives he want to achieve, e.g.

Audit plan is prepared to verify assets

First assertion is tested through physical control whether asset is valued properly valuation at cost or fair value, if at cost revalued or not, asset is physically is existing or not is 2nd assertions tested through personal observation , inspection: inspection is risk assessment procedures used to apply to check management assertion of existence, presentation: disclosure is also relevant whether transactions are properly recorded , classified in ledgers and reported in statement, walk through test is used to check the another ascertain completeness.

All these assertions are related to this case study, as asset is recorded as an expense, not properly classified so test is used to check this assertion, transactions for sale purchase, inventory and other weak through test is used and analytical procedures to check completeness assertion.

Measurement is also checked by checking estimates and companies polices by verifying asset management assertion of rights and obligation could also be judged that whether asset is purchased on cash or it is a leased asset

Any right obligations allotted to it then go to transfer deed or lease agreement so all these tests are used to test to justify the reliability of the financial statements


Related Discussions:- audit tests and recording items in the audit

Describe the concept of internal control, You have been appointed as an Int...

You have been appointed as an Internal Auditor in an organisation . As part of your duties, you are required to provide training to the staff in the internal audit division. Your f

Preliminary evaluation of internal control, In order for auditor to perform...

In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe

Auding , What are the are the advantages and disadvantages of auditing an I...

What are the are the advantages and disadvantages of auditing an IT firm

Challenges facing auditing and assurance in kenya, challenges facing sasini...

challenges facing sasini company"s audited statements

Joint auditor, advantage and disadvantage of joint auditor?

advantage and disadvantage of joint auditor?

Concept of audit evidence, Concept of Audit Evidence The auditing is a...

Concept of Audit Evidence The auditing is an evidence gathering exercise.  It is an exercise continued out to confirm the assertions made through the management in carrying ou

Test clerical accuracy of inventory listing, You have been assigned to carr...

You have been assigned to carry out a stock take in a company. Your Audit Supervisor has given you with an audit programme. As part of a briefing session to your juniors, you a

Online exam, online exam in Auditing class. the exam will be about 2 hr. ...

online exam in Auditing class. the exam will be about 2 hr. Thank you

A disadvantage of the corporate form of organization, Q. Which of the follo...

Q. Which of the following statements is not considered a disadvantage of the corporate form of organization? a. Additional taxes b. Government regulations c. Limited liability of s

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd