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

Skills and objectivity of expert, Skills and Objectivity of Expert T...

Skills and Objectivity of Expert The skills and competence of the expe rt Whether planning to require the work of an expert, so the auditor should assess the professiona

Standardization of working papers - auditing, Standardization of Working Pa...

Standardization of Working Papers - Auditing The ICPAK guideline states that the needs of standardized working papers may improve the effectiveness along with that they are re

How do internal auditors add to the credibility of financial, How do intern...

How do internal auditors add to the credibility of financial statements?

Petty cash, postage stamps 220 currency and coins 1156.60 how much petty ca...

postage stamps 220 currency and coins 1156.60 how much petty cash fund shall be shown as part of cash balance

Evaluation, Evaluation and Disposition of Misstatements, and the Effect on ...

Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat

What do you meant by proactive project management, Question 1: What do ...

Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa

Corporate governance, what are requirements for a company to comply with ki...

what are requirements for a company to comply with king code?

Audit of the estimated warranty liability, Required: Describe a complete au...

Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

Share capital - audit process, Share Capital - Audit Process Share cap...

Share Capital - Audit Process Share capital is a special type of liability and when it has been issued during the year then verification procedures are as follows: 1. Confirm

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