Prom Party Work Wedding Minaudiere Gold Hand nbsp;Clutch bag Ladies Women Evening Thread Bridal Chapter 5 - Audit objectives and evidence
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Work Hand Gold Minaudiere Women Bridal Party Wedding Prom Ladies Evening Thread nbsp;Clutch bag Wedding Hand Minaudiere Prom Ladies Work Gold Bridal Women Party Thread bag Evening nbsp;Clutch The key concepts of this chapter:
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Prom Gold Hand Wedding nbsp;Clutch Minaudiere bag Work Ladies Party Women Thread Evening Bridal 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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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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