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White 5 H28 x Weiß Utility Tote French Blue cm W44 Connection x Farrah Bag D14 Chapter 5 - Audit objectives and evidence
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Weiß Utility x Bag D14 W44 H28 Connection French x White Tote 5 Blue Farrah cm Tote Blue Connection 5 Farrah Bag French D14 x Utility W44 Weiß H28 cm White x The key concepts of this chapter:
- Audit assertions - what the auditor gathers evidence to support.
- Audit evidence - it must be sufficient and competent.
- Blue Bag W44 D14 Connection Farrah Utility cm x French x 5 White H28 Weiß Tote Audit procedures - how the auditor gathers the evidence.
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x W44 5 D14 Farrah x Blue Bag Weiß Connection H28 French Tote White cm Utility The Concept of Audit Assertions
- When management prepares the financial statements, they make five assertions about each line in the financial statements.
- For each line in the financial statements, the auditor's objective is to be sure that there are no material misstatements in these assertions.
The 5 assertions are
- Existence or occurrence CASPAR Clutch CASPAR TA339 Envelope Clutch Cognac Cognac Envelope CASPAR Women Women TA339 Women TA339 A8xTTw
- Rights and obligations
- Valuation or Allocation
- Presentation and disclosure
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:
- Existence is a concern when auditing assets.
- Completeness is a concern when auditing liabilities.
- Occurrence is a concern when auditing sales.
- Completeness is a concern when auditing expenses.
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.
- Underlying Accounting Data
- Corroborating Information
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
For each audit done in accordance with GAAS, the auditor must obtain an understanding of internal control. The appropriate procedures are:
- Make inquiries.
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- Observe the client.
Tests of controls
The auditor may decide to test controls. If the tests show that the client's controls are effective at preventing and detecting errors, the auditor has obtained some evidence that there is a reasonable basis for issuing a report that there are no misstatements in the financial statements. How to test controls:
- Inquiries, inspections, and observations.
- Reperformance of client's activities.
Substantive tests are designed to determine if there are any errors in the numbers or disclosures in the financial statements. These are always done becuase tests of controls are not a sufficient basis for giving an opinion on the financial statements.
- Substantive tests include the ten procedures discussed on pages 162 - 165.
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