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

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

Examination of Deeds, Examination of Deeds Make Sure that the mortg...

Examination of Deeds Make Sure that the mortgage is in the name shown in the advance records; That there is a document of title to the property within mortgage and that

Duties of an auditor in the stocktaking process, Problem: (a) Your cli...

Problem: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa

RISKS AND CONTROLS, oversee commission staff to ensure individuals are prop...

oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests

Accounting principles - intangible assets, Accounting Principles - Intangib...

Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is

Auditing, For each ethical threat explain how it might be avoided?

For each ethical threat explain how it might be avoided?

Audit function, Audit Function The audit functions as follows as: 1...

Audit Function The audit functions as follows as: 1. To verify the estimation of timing differences; 2. To ensure such permanent differences have not been got into accou

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

INTANGIBLE ASSET, problems associated with intangible asset audit

problems associated with intangible asset audit

COBIT, Analyse the ratios in conjunction with the additional information an...

Analyse the ratios in conjunction with the additional information and identify from your analysis, implications for the audit and any particular audit steps that need to be underta

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