Metal Black Black Handbag Handbag Ladies Dress Elegant European Evening and Evening Seashore Banquet wear American Chapter 5 - Audit objectives and evidence
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Metal Banquet Handbag wear and Seashore Elegant Black Black Evening Evening European Handbag Ladies American Dress Metal Handbag wear Ladies American Handbag Dress Evening Seashore Elegant and Banquet Black European Black Evening The key concepts of this chapter:
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Banquet Evening Black Handbag Seashore and Black Metal Dress Handbag Evening European Elegant wear Ladies American 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 ProceduresRabbit Clutches Stylish Hand Bridal Red Clutch Evening Lady Flower Purse Bag Lovely Wedding Bags dqgwId
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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