What procedures would an auditor use to verify the completeness, rights and obligations, and valuation assertions for property, plant, and equipment?
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What procedures would an auditor use to verify the completeness, rights and obligations, and valuation assertions...
What procedures would an auditor use to verify the completeness, ownership, and valuation audit objectives for property, plant and equipment?
Question: Question 29 Assertions about classes of transactions and events typically include _______. -completeness, accuracy, and valuation -existence, rights, and cutoff -existence, rights, and obligations -occurrence, cutoff, and completeness Question 30 Assertions about account balances at year-end typically include _______. -existence, occurrence, and cutoff -existence, completeness, and allocation -existence, completeness, and rights and obligations -accuracy, valuation, and occurrence Question 31 Assertions about presentation and disclosure typically include _______. -cutoff, presentation, and disclosure -completeness, accuracy and valuation, and classification and understandability...
6.Assertions about classes of transactions and events typically include _______. A. occurrence, cutoff, and completeness B. existence, rights, and obligations C. existence, rights, and cutoff D. completeness, accuracy, and valuation
Question 4 (20 marks) During an examination of financial statements, an auditor verifies management’s assertions ie.existence, completeness, rights, valuation etc. In doing so, the auditor must choose the quality and quantity of evidence, and the timing of the tests to be performed. Required: (a) Select and justify your choice as to which of the followings are considered higher quality audit evidence: (i) Bank confirmation versus bank statement. (ii) Observation of inventory count on 31 October 2019 versus observation of inventory...
Assertions: Evidence Types Existence Occurrence Accuracy Classification Cutoff Completeness Valuation/Allocation Rights/Obligations Presentation Inspection of documents/records Inspection of tangible assets Observation Scanning evidence Inquiry Confirmation Reperformance Recalculation Analytical Evidence Part 2: Assume you are the audit team for the audit of Waren Sports Supply (a client with a traditional information system, which you should be familiar with). Imagine that this is the first time you’ve audited them, so you need to develop your own audit programs to make sure important assertions...
Question 10 Assertions about account balances at year-end typically include _______. A. existence, completeness, and allocation B. existence, completeness, and rights and obligations C. existence, occurrence, and cutoff D. accuracy, valuation, and occurrence
le plainin evidential matter in support of financial statement assertions, the auditor develops specific audit chiectives in light of those assertions. Audit procedures are then selected to accomplish audit objectives. Required: Your client is Hillmart, a retail department store that does no production. For each specific inventory audit obiective listed below select the most closely related financial statement assertion and the most appropriate audit procedure, FL nancial statement assertions and audit procedures may be selected once, more than once, or...
of the following assertions is the primary assertion that is satisfied by physically 19. Which of the following assen observing the client's count of inventory? a. Rights b Valuation c. Completeness. d. Existence. ANSWER: 20. When the auditor used the audit procedure vouching she is primarily concerned of the following assertions? a. Completeness b. Existence. c. Authorization d. Classification. ANSWER: 21. Observation suffers from which of the following limitations? a. Observation of processing is rarely unobtrusive. b. Observation of processing...
Assignment IX Match the following assertions with their meanings below. AWN- Existence or Occurrence Completeness Ассасу Cutoff Classification Ownership, Rights, and Obligations Valuation and Allocation TASK (a) _ Amounts in the financial statements reflect reasonable estimates. Transactions are posted properly and balances are shown in the correct accounts Recorded transactions and account balances are valid. The financial statements reflect numbers that are correctly calculated. All transactions and account balances have been included in the financial records. All assets and liabilities...
Which of the following statements best describes why an auditor would use only substantive procedures to evaluate specific relevant assertions and risks? Multiple Choice The relevant internal control components are not well documented. The internal auditor already has tested the relevant controls and found them effective. The cost of substantive procedures will exceed the cost of testing the relevant controls. Testing the operating effectiveness of the relevant controls would not be efficient.