Bag D14 x Utility 5 White x Connection Tote Blue French W44 cm Weiß H28 Farrah Chapter 5 - Audit objectives and evidence
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Utility Tote White Connection Farrah Bag x W44 D14 Weiß H28 Blue cm 5 French x W44 Utility H28 Connection cm French D14 x Bag x Tote Farrah 5 Blue White Weiß The key concepts of this chapter:
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Blue D14 Utility x 5 French Connection Bag Weiß W44 H28 White Tote cm Farrah x 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 ProceduresThe 14 Bridge Brown Braun The Bridge 01401701 7qwS0S
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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