Velvet New 0 Bag Buffalo Blue 16bwg 38 Blue Bag 41 Body Cross Women's Chapter 5 - Audit objectives and evidence
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Blue 0 41 Cross Women's Velvet Buffalo Bag Blue Body Bag 16bwg 38 New Blue New Cross Buffalo Blue Velvet 38 Body 16bwg 41 Bag Women's Bag 0 The key concepts of this chapter:
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Bag Blue Blue Women's Cross 41 Body Buffalo Bag Velvet 38 New 0 16bwg The Concept of Audit Assertions
The 5 assertions are
Note that each line in the financial statements contains all assertions. However, the risk of misstatement for each assertion will vary according to the type of account. The auditor is more concerned about the higher risk assertions. For example, in general:
Each assertion will be re-written as specific objectives. For example, see p. 149.
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To be sure that their are no material misstatements, the auditor gathers evidence. According to auditing standards, there are two types of evidence, which are further explained on p. 150, Figure 5-2.
How much evidence does the auditor need? Auditing standards are very clear on this. You must have sufficient compentent evidential matter for a reasonable basis for an opinion.
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Audit ProceduresTobacco HENGSONG Rose Cigar Box Portable gold Gold Holder Storage Cigarette Rose 20 Case Case 7qUrXq6
Audits are conducted in various phases. In each phase, certain procedures are often used.
Obtain understanding of internal control
Tests of controls
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