Why should auditors think about a compliance assertion that is not listed in the auditing standards about assertions?
Answer to relevant QuestionsHow are assertions used in audit planning?What benefits are obtained by having an engagement letter?What is material information in accounting and auditing?Suppose management estimated the lower-of-cost- and net realizable value of some obsolete inventory at $99,000, and wrote it down from $120,000, recognizing a loss of $21,000. The auditors obtained the following information: ...The auditors were planning the work on the financial statements of the Mary Short Cosmetics Company. The unaudited financial statements showed $515,000 net income after providing an allowance of 35% for income taxes. The ...
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