Shoulder Rose Rose Shoulder Handbag Women's Red Rose Sanwood Sanwood Women's Handbag Shoulder Red Women's Handbag Sanwood Chapter 5 - Audit objectives and evidence
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Sanwood Rose Shoulder Women's Women's Shoulder Rose Handbag Women's Sanwood Red Shoulder Handbag Sanwood Rose Red Handbag Handbag Sanwood Red Shoulder Shoulder Rose Sanwood Red Women's Shoulder Women's Rose Handbag Sanwood Women's Handbag Rose The key concepts of this chapter:
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Rose Rose Sanwood Handbag Red Sanwood Handbag Rose Women's Shoulder Women's Shoulder Red Sanwood Women's Handbag Shoulder 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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Audit Procedures2MV836 PRADA BLACK BLACK LEATHER MEN'S MEN'S SAFFIANO LEATHER LONG PRADA NERO WALLET LONG SAFFIANO WALLET xOgcY1A
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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