The following is a description of an audit procedure performed to satisfy a specific audit objectives related to management assertions.

PROCEDURE: Totaling to ensure that the current and long-term liabilities agree with the total liabilities reported on the financials.

Required:
1. Identify the type of audit procedure (I – XI) described;
I. Footing II. Inquiry  III. Vouching  IV. Examination/Inspection of Documents
V. Confirmations VI. Analytical Procedures VII. Reperformance VIII. Recalculation
IX. Observation X. Tracing XI. Subsequent Events

2. Identify the related audit objective(s) (A-E) satisfied by each procedure.
A. Existence or Occurrence
B. Rights and Obligations
C. Completeness
D. Valuation and Allocation
E. Presentation and Disclosure

Answer rating: 100% (QA)

Part 1 PROCEDURE Totaling to ensure that the current and longterm liabilities agree with the tot... View the full answer