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

What is withholding allowance, Q. What is Withholding Allowance? Withho...

Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject

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

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

Acl to perform audit procedures in audit program, Sales are shipped FOB shi...

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.

What method would you use to test an individual account bal., You are audit...

You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon

Relevance of audit evidence, Relevance of Audit Evidence The relevance...

Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat

Accounting concept and records-consistency, What fundamental accounting con...

What fundamental accounting concepts must you keep in mind in preparing to carry out your audit? Accounting Concept and Records Fundamental Accounting concepts are cove

What is an audit process, In previous times, the Kings used to hear their a...

In previous times, the Kings used to hear their accountants narrate the accounts verbally. Though, as the complexity of the accounting function grew, require was felt to thoroughly

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