In substantive auditing, why is the emphasis on the completeness assertion for liabilities instead of on the existence assertion as in the audit of assets?
Answer to relevant QuestionsIn the review of an auditee’s inventory-taking instructions, what characteristics are the auditors looking for?The use of pre-numbered documents is an important feature for control to ensure that all valid transactions are recorded and none are omitted.Required:How could auditors gather evidence that the control for completeness of ...Listed below is a selection of items from the internal control questionnaire on payables shown in Appendix 12A.1. Are invoices, receiving reports, and purchase orders reviewed by the cheque signer?2. Are cheques dated in the ...Clark and his partner, Kent, both PAs, are planning their audit program for the audit of accounts payable on the LeClair Corporation’s annual audit. Saturday afternoon, they reviewed the thick file of last year’s working ...On January 11, at the beginning of your annual audit of the Grover Manufacturing Company’s financial statements for the year just ended December 31, the company president confides to you that an employee is living on a ...
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