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Black WxHxD Silver Handle CrossOver sequin Rhinestones Star sequin 37x33x16 bag XXL Bowling bag Gold ital Silver Black cm Cotton Handbag Bag Ladies Canvas ca Hobo Shopper Gold OBC design Star CrossOver Handbag Rhinestones Silver Bag Black ital bag Gold Ladies Shopper Handle Gold Canvas design Bowling bag Silver Cotton cm Hobo Black 37x33x16 sequin XXL WxHxD OBC ca sequin The key concepts of this chapter:
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WxHxD Shopper bag Bag design Ladies cm XXL Rhinestones Black Cotton sequin Star Gold Handbag Silver Hobo Gold Silver Handle sequin ital Canvas OBC Bowling CrossOver 37x33x16 Black ca bag 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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