Question

Hi can you assist me with answering to this Audit work. Thank you

A- ASSERTIONS AND AUDIT OBJECTIVES:
The following are specific transaction related audit objectives applied to the audit of cash
disbursement transactions (a thru f), management assertions about classes of transactions ( 1 through 5) and general transaction related audit objectives ( 6 through 11)

a) For each specific transaction related audit objective, identify the appropriate management
assertion

b) For each specific transaction related audit objective, identify the appropriate general
transactions related audit objective

Management Assertions about Classes of transactions
1. Occurrence
2. Completeness
3. Accuracy
4. Classification
5. Cutoff

General transaction related audit objective
6. Occurrence
7. Completeness
8. Accuracy
9. Posting and summarization
10. Classification
11. Timing

Specific Transaction Related Audit Objective
a) Recorded cash disbursement transactions are for the amount of goods or services received and
are correctly recorded
b) Cash disbursement transactions are properly included in the accounts payable master file and
are correctly summarized
c) Recorded cash disbursements are for goods and services actually received
d) Cash disbursement transactions are properly classified
e) Existing cash disbursement transactions are recorded
f) Cash disbursement transactions are recorded in the correct dates

Answer 1

A) Appropriate Measurement Assertions -

a) Recorded cash disbursement transactions are for the amount of goods or services received and
are correctly recorded : Accuracy

b) Cash disbursement transactions are properly included in the accounts payable master file and are correctly summarized : Accuracy
c) Recorded cash disbursements are for goods and services actually received : Occurence
d) Cash disbursement transactions are properly classified: Classification
e) Existing cash disbursement transactions are recorded : Completeness
f) Cash disbursement transactions are recorded in the correct dates : Cut off

B) Appropriate general transactions related audit objective-

a) Recorded cash disbursement transactions are for the amount of goods or services received and
are correctly recorded : Accuracy
b) Cash disbursement transactions are properly included in the accounts payable master file and are correctly summarized : Posting and summarization
c) Recorded cash disbursements are for goods and services actually received : Occurence
d) Cash disbursement transactions are properly classified: Classification
e) Existing cash disbursement transactions are recorded : Completeness
f) Cash disbursement transactions are recorded in the correct dates : Timing