Need of assertions in obtaining audit evidence, Auditing

Need of Assertions in Obtaining Audit Evidence

Management is responsible for the fair presentation of financial statements which reflect the nature and operations of the entity. So in representing which the financial statements give a true and fair view as or else are presented fairly, in such all material respects in accordance along with the applicable financial reporting, management implicitly or framework or explicitly makes assertions about the recognition, presentation, measurement and disclosure of the various fundamentals of related disclosures and financial statements.

The auditor should require assertions for classes of transactions, presentation, account balances and disclosures in enough detail to form a basis for the assessment of danger of material misstatement and the performance and design of further audit process. The auditor uses assertions in assessing dangerous through considering the different kinds of potential misstatements which may happens, and thereby designing audit process such are responsive to the assessed risks. Any other ISAs discuss particular position when the auditor is needed to obtain audit evidence on the assertion level.

Posted Date: 1/24/2013 7:29:42 AM | Location : United States







Related Discussions:- Need of assertions in obtaining audit evidence, Assignment Help, Ask Question on Need of assertions in obtaining audit evidence, Get Answer, Expert's Help, Need of assertions in obtaining audit evidence Discussions

Write discussion on Need of assertions in obtaining audit evidence
Your posts are moderated
Related Questions
Incorporated Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act a

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.



Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the followin

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available

The core principles of financial internal control are explained here: accounting and financial operations can be separated and the main purpose is the handling of cash and the copy

should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge

For each threat explain how it might be avoided.