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

Simple trust, Simple Trust - This type of TRUST is essential to distribute ...

Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c

Procedures when fraud is suspected, Procedures When Fraud is suspected ...

Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr

Statutory Auditing - Newspaper agencies, Provide the data regarding all abo...

Provide the data regarding all about auditing of Newspaper agencies

Steps to preparing the audit, With reference to the case study business, pl...

With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra

Reliability - sources of evidence, Reliability - Sources of evidence R...

Reliability - Sources of evidence Reliability of audit evidence is influenced through its nature and its source and since it is dependent upon the specific circumstances, we c

Forms of evidence, Forms of Evidence Observation , is mostly witn...

Forms of Evidence Observation , is mostly witnessing internal book-keeping procedures and system control. It involves attendance at wages pay out. Observation of stock-ta

Fairness - auditing, Fairness -  Auditing The word fair can have the ...

Fairness -  Auditing The word fair can have the following meanings:  on the other hand clear, plain and distinct and on the one impartial, equitable and simple.  When fair is

Specialized audit situations, Specialized Audit Situations Companies c...

Specialized Audit Situations Companies carry on thousands of different types of trade, business or professional activities.  It is not possible in a manual on general auditing

Organization - work related health problems, Organization - Work Related He...

Organization - Work Related Health Problems There are various organizations both government and private which conduct researches on Biomedical and Ergonomics, Behavioral Scien

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