Question
The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain
The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors choice of procedures.
Required: For each general audit procedure, check all the management assertions best tested by using each procedure.
- Inspection of records or documents (vouching)
PCAOB Assertions check all that apply
Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosure
Valuation
Rights
All assertions
ASB Assertions check all that apply
Existence
Occurrence
Completeness
Valuation and allocation
Rights and obligations
Accuracy
Classification
All assertions
Valuation
Rights
- Inspection of records or documents (tracing)
PCAOB Assertions check all that apply
Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosure
Valuation
Rights
All assertions
ASB Assertions check all that apply
Existence
Occurrence
Completeness
Valuation and allocation
Rights and obligations
Accuracy
Classification
All assertions
Valuation
Rights
3. Inspection of records or documents (scanning)
PCAOB Assertions check all that apply
Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosure
Valuation
Rights
All assertions
ASB Assertions check all that apply
Existence
Occurrence
Completeness
Valuation and allocation
Rights and obligations
Accuracy
Classification
All assertions
Valuation
Rights
4. Inspection of tangible assets
PCAOB Assertions check all that apply
Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosure
Valuation
Rights
All assertions
ASB Assertions check all that apply
Existence
Occurrence
Completeness
Valuation and allocation
Rights and obligations
Accuracy
Classification
All assertions
Valuation
Rights
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Cornerstones of managerial accounting
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
5th edition
978-1305302327, 130530232X, 978-1133943983
