Briefly explain the five principal assertions that can be made about assets and liabilities, and auditors objectives

Question:

Briefly explain the five principal assertions that can be made about assets and liabilities, and auditors’ objectives related to each.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An International Approach

ISBN: 978-0071051415

6th edition

Authors: Wally J. Smieliauskas, Kathryn Bewley

See More Books

Question Posted: Jan 09, 2015 09:29 AM

See More Questions

Briefly explain the five principal assertions that can be made in managements financial statements, and then describe the auditors objectives related to each.
List five main assertions that can be used in practice, and give an example of each assertion for these accounts/transactions: Cash, Accounts Payable, Revenues.
What are the main generalizations that can be made about IFRS?
Barnaby is a farmer who receives two-thirds of his total income from the sale of oranges. After two consecutive years of early frosts that destroyed his orange harvest, Barnaby found himself deep in...
Solve each inequality for x. (a) ln x < 0 (b) ex > 5
On August 2, 2013, Jun Co. receives a $ 6,000, 90-day, 12% note from customer Ryan Albany as payment on his $ 6,000 account. (1) Compute the maturity date for this note. (2) Prepare Juns journal...
Use the implicit finite difference method to solve the heat conduction problem on the unit square: \[\begin{aligned}& \frac{\partial^{2} u}{\partial x^{2}}=\frac{\partial u}{\partial t} \\& u(x, 0)=x...
Kahn has just completed a review of its job- costing system. This review included a detailed analysis of how past jobs used the firm's resources and interviews with personnel about what factors drive...
LO 3, 4 P1-71B. (Learning Objectives 3, 4: Apply the accounting equation; evaluate business operations; construct a balance sheet) The manager of Parker Design, Inc., prepared the company's balance...
On June 10, Lippizan Crab Shack purchased $6,000 of merchandise from Bristol Company FOB shipping point, terms 2/10, n/30. Lippizan pays the freight costs of $400 on June 11. Damaged goods totaling...
How do fraud considerations relate to the auditors materiality decision?
Why should auditors think about a compliance assertion that is not listed in the auditing standards about assertions?
Fill in each box with the appropriate reagent: CH3CHCHCH,CH2CCH 3 2 CH3 CH3 Ho CH3 1. CH3CHCCH2CH2CCH3 2. CH3CH CH3CH CH3 CH3
Classify each of the following goods as either a private good, a public good, a natural monopoly good, or none of these. A pair of glasses Internet services A swimming pool A smartphone A public...
Calculate the CPI basket and the percentage of the households budget spent on juice in 2020. The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in...
Coronavirus Vaccine: When Will We Have One? Under normal circumstances the vaccine creation process takes years, but with 200 groups of researchers committed to the task, an effective vaccine is...
Why and how does new growth theory imply that technological change, even robots and artificial intelligence, will create as many jobs as it will destroy?
The composition of total savings in India has been changing during the last few years, the biggest rise being in mutual funds and equity schemes. The average Indian household now prefers the more...
For each of the following reactions, predict whether the equilibrium lies predominantly to the left or to the right. Explain your predictions briefly. (a) HS (aq) + CO3-(aq) (b) HCN(aq) + SO4-(aq):...
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
The concept similar to depreciation that is applied to natural resources is called what? a. Depletion b. Declining balance c. Amortization d. MACRS
An advantage of statistical sampling is that it helps an auditor a. Eliminate non-sampling risk. b. Reapply evaluation judgments based on factors in addition to the sample evidence. c. Be precise and...
If inherent risk (IR) is assessed as 0.90 and the detection risk (DR) implicit in an audit plan is 0.10, what audit risk (AR) is implied when the assessed level of control risk is each of 0.10, 0.50,...
What general considerations are important when an auditor decides on an acceptable risk of assessing control too high?
How does the concept of intersectionality, as developed by Kimberl Crenshaw, challenge traditional understandings of identity and social categorization by highlighting the interconnectedness and...
To what extent does intersectional scholarship inform policy-making and advocacy efforts aimed at addressing social disparities and promoting equity and justice for marginalized communities ?
How can intersectionality contribute to building solidarity and fostering coalitions across diverse social movements, while also recognizing and respecting the distinctiveness of different...

Briefly explain the five principal assertions that can be made about assets and liabilities, and auditors objectives

Question:

Step by Step Answer:

Five principal assertions in financial statements 1 Existence assertion The practical objective is to establish with evidence that assets liabilities ...View the full answer

Auditing An International Approach

Students also viewed these Auditing questions