Assertions about disclosure, Auditing

Assignment Help:

Assertions about disclosure

Assertions about disclosure and presentation:

a) Rights and Occurrence and obligations-disclosed transactions and events and other issues have pertained and occurred to the entity.

b) Completeness-all disclosures which should have been involved in the financial statements such have been involved.

c) Understandability and Classification -financial information is suitably existing and disclosures and described are clearly expressed.

d) Valuation and Accuracy -other information and financial are disclosed fairly and at suitable amounts.

The auditor may need the assertions such as described beyond or may express them in a different way given all aspects described beyond have been covered. So for example, the auditor may select to combine the assertions about events and transactions along with the assertions concern account balances. So another one example, there may not be a part assertion related to cutoff of events and transactions where the completeness and occurrence assertions involve suitable consideration of recording transactions in the accurate accounting duration.


Related Discussions:- Assertions about disclosure

audit tests and recording items in the audit, With reference to the case s...

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

Reference to expert in the auditor''s report, Reference to an expert in the...

Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert.  This is because such a refe

THREATS TO INDEPENDENCE, WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF...

WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Building societies - specialized audit situation, Building Societies - Spec...

Building Societies - Specialized Audit Situation Building Societies are organisations that exist to offer a savings and investment intermediate to the public and to lend to pe

Checking consolidation papers, Checking Consolidation Papers The audit...

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Explain the importance and role of audit standards, Question 1: Auditin...

Question 1: Auditing standards regulate the audit profession. a) Explain the importance and role of audit standards. b) Lists four of the standards issued by the INTOSAI

Preliminary evaluation of internal control, For each of the following indep...

For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the

Definition of audit evidence, Definition of Audit Evidence "Audit evid...

Definition of Audit Evidence "Audit evidence" which is all the information used through the auditor in arriving on the conclusions on such the audit opinion is support, and in

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