Assertions about account, Auditing

Assignment Help:

Assertions about account

Assertions about account balances at the duration end:

a) Existence-assets, equity and liabilities interests exist.

b) Obligations and Rights -the entity controls or holds the rights to liabilities and assets are the obligations of the entity.

c) Completeness-all liabilities or assets and equity interests which should have been recorded.

d) Allocation and Valuation -liabilities or assets, and equity interests that are involved in the financial statements at appropriate amounts and any conclusion allocation and valuation adjustments are suitably recorded.


Related Discussions:- Assertions about account

Joint auditing, what is the role of a joint auditor

what is the role of a joint auditor

Comparison of the negative and positive methods, Comparison of the Negative...

Comparison of the Negative and Positive Methods Negative Method According to this method of circularisation, the customer is asked to communicate only when he does not ag

Financial instruments - ias 32 and ias 39, Financial Instruments - IAS 32 a...

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Framework of critical thinking principles, Framework of critical thinking p...

Framework of critical thinking principles (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. Ans: Thin

What do you meant by proactive project management, Question 1: What do ...

Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa

Subsequent events - audit process, Subsequent Events - Audit Process I...

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Procedures that auditor adopts, Procedures that Auditor Adopts The audi...

Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per

Mrs, what are the benefit of audit and its limitations

what are the benefit of audit and its limitations

Key audit areas - building society, Key Audit Areas - Building Society ...

Key Audit Areas - Building Society 1. The auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are complete in accordance along

Auditing, The auditors for Weston University are conducting their audit for...

The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now focusing on the audit of revenue from

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