Identify the most relevant assertion(s) for each control that is listed below.Assertions:A. ExistenceB. CompletenessC. AccuracyD. ValuationE. Occurrence
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Identify the most relevant assertion(s) for each control that is listed below.Assertions:A. ExistenceB. CompletenessC. AccuracyD. ValuationE. Occurrence
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Control Assertion(s) Customer credit limits are reviewed on a monthly basis and amended in accordance with customer activity. Prior to paying for a purchase, supporting documentation (invoices, statements of account) are reviewed for validity. Paper timesheets submitted by employees for a given period are reconciled to the corre- sponding payroll ledger. During a full count of all capital assets, all assets are physically labelled with unique identification numbers and their location, description, and quantity are noted. The purchasing department, on receipt of the receiving report, matches it to the pur- chase order to ensure that all ordered goods were received. Prior to being entered into the payroll system, all paper timesheets are reviewed by the shift supervisor, who signs off on them.
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Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0134613116
14th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
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