Explain the importance of audit assertions for financial statement audits. Define each of the following types of
Question:
Explain the importance of audit assertions for financial statement audits. Define each of the following types of assertions:
• Existence
• Occurrence
• Completeness
• Cutoff
• Accuracy
• Rights and obligations
• Valuation or allocation
• Understandability
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The assertions form the framework for gathering sufficient competent audit evidence as required by t...View the full answer
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Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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