Question: Professional auditing standards identify the principal management assertions that underlie a set of financial statements. What were the key assertions that Arthur Young should have

Professional auditing standards identify the principal “management assertions” that underlie a set of financial statements. What were the key assertions that Arthur Young should have attempted to substantiate for the Hidden Valley transaction? What procedures should Arthur Young have used for this purpose, and what types of evidence should have been collected?

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PCAOB Auditing Standard No 15 paragraph 11 identifies the following five management assertions that auditors should consider in developing an audit plan occurrence completeness accuracy cutoff and cla... View full answer

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