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Explain the difference between management responsibilities

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Question - Using the JB HIFi 30 June 2019 annual report and financial statement

A. Explain the difference between management's responsibilities for the financial statements and the auditor's responsibilities.

B. Define what is meant by a 'management assertion' in terms of the financial statements. Use three examples to explain three different assertions.

C. Identify and briefly discuss the categories of management assertions.

D. What are the auditor's responsibilities in terms of these management assertions?

E. What is the main classification for inventory in the JB Hi Fi 30 June 2019 annual report and how is it measured?

F. What would the auditor's two primary concerns be in relation to the inventory figure shown in JB Hi Fi's financial statement's?

G. Document and briefly explain eight substantive audit procedures W & S Partners (i.e., the auditor's) would use to determine if the inventory figure shown in JB Hi Fi's 30 June 2019 financial statement's was fairly stated?

Reference no: EM132625624

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