Chapter 03 Exercise 45 LO 3 4 The eight general audit procedures produce evidence about the principal management assertions in financial statements However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions The assertion being audited can influence the auditors' choice of procedures Required Opposite each general audit procedure, write the management assertions best tested by using each procedure (Click each correct answer once Click each wrong answer twice to remove the ) a Inspection of records or documents (vouching) PCAOB Assertions check all that apply 1 Existence Occurrence Rights and obligations Completeness Valuation and allocation Presentation and disclosure Valuation Rights All assertions ASB Assertions check all that apply 2 Existence Occurrence Completenessunanswered Valuation and allocationunanswered Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered b Inspection of records or documents (tracing) PCAOB Assertions check all that apply 3 Existenceunanswered Occurrenceunanswered Rights and obligationsunanswered Completeness Valuation and allocationunanswered Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 4 Existenceunanswered Occurrenceunanswered Completeness Valuation and allocationunanswered Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered c Inspection of records or documents (scanning) PCAOB Assertions check all that apply 5 Existence Occurrence Rights and obligations Completeness Valuation and allocation Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 6 Existence Occurrence Completenessunanswered Valuation and allocation Rights and obligations Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered d Inspection of tangible assets PCAOB Assertions check all that apply 7 Existence Occurrence Rights and obligationsunanswered Completenessunanswered Valuation and allocationunanswered Presentation and disclosureunanswered Valuation Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 8 Existence Occurrenceunanswered Completenessunanswered Valuation and allocationunanswered Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuation Rightsunanswered e Observation PCAOB Assertions check all that apply 9 Existence Occurrence Rights and obligationsunanswered Completenessunanswered Valuation and allocation Presentation and disclosureunanswered Valuation Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 10 Existence Occurrenceunanswered Completenessunanswered Valuation and allocation Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered f Confirmation PCAOB Assertions check all that apply 11 Existenceunanswered Occurrenceunanswered Rights and obligations Completenessunanswered Valuation and allocationunanswered Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 12 Existenceunanswered Occurrenceunanswered Completenessunanswered Valuation and allocationunanswered Rights and obligations Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered g Inquiry PCAOB Assertions check all that apply 13 Existenceunanswered Occurrenceunanswered Rights and obligationsunanswered Completenessunanswered Valuation and allocationunanswered Presentation and disclosure Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 14 Existenceunanswered Occurrenceunanswered Completenessunanswered Valuation and allocationunanswered Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered h Recalculation PCAOB Assertions check all that apply 15 Existenceunanswered Occurrenceunanswered Rights and obligationsunanswered Completenessunanswered Valuation and allocationunanswered Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 16 Existenceunanswered Occurrenceunanswered Completenessunanswered Valuation and allocationunanswered Rights and obligationsunanswered Accuracy Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered i Reperformance PCAOB Assertions check all that apply 17 Existenceunanswered Occurrenceunanswered Rights and obligationsunanswered Completenessunanswered Valuation and allocation Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 18 Existenceunanswered Occurrenceunanswered Completenessunanswered Valuation and allocation Rights and obligationsunanswered Accuracyunanswered Classificationunanswered All assertionsunanswered Valuationunanswered Rightsunanswered j Analytical procedures PCAOB Assertions check all that apply 19 Existenceunanswered Occurrenceunanswered Rights and obligationsunanswered Completenessunanswered Valuation and allocationunanswered Presentation and disclosureunanswered Valuationunanswered Rightsunanswered All assertionsunanswered ASB Assertions check all that apply 20 Existenceunanswered Occurrenceunanswered Completenessunanswered Valuation and allocationunanswered Rights and obligationsunanswered Accuracyunanswered Classification All assertionsunanswered Valuationunanswered Rightsunanswered rev 02 09 2021 QC CS 252443, 09 25 2021 QC CS 279680

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Question: Chapter 03 Exercise 45 LO 3-4 The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are

Chapter 03 Exercise 45 LO 3-4

The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors' choice of procedures. Required: Opposite each general audit procedure, write the management assertions best tested by using each procedure. (Click each correct answer once. Click each wrong answer twice to remove the ?)

a. Inspection of records or documents (vouching)

PCAOB Assertions

check all that apply 1

Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosure
Valuation
Rights
All assertions

ASB Assertions check all that apply 2

Existence
Occurrence
Completenessunanswered
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

b. Inspection of records or documents (tracing)

PCAOB Assertions

check all that apply 3

Existenceunanswered
Occurrenceunanswered
Rights and obligationsunanswered
Completeness
Valuation and allocationunanswered
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 4

Existenceunanswered
Occurrenceunanswered
Completeness
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

c. Inspection of records or documents (scanning)

PCAOB Assertions

check all that apply 5

Existence
Occurrence
Rights and obligations
Completeness
Valuation and allocation
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 6

Existence
Occurrence
Completenessunanswered
Valuation and allocation
Rights and obligations
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

d. Inspection of tangible assets

PCAOB Assertions

check all that apply 7

Existence
Occurrence
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocationunanswered
Presentation and disclosureunanswered
Valuation
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 8

Existence
Occurrenceunanswered
Completenessunanswered
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuation
Rightsunanswered

e. Observation

PCAOB Assertions

check all that apply 9

Existence
Occurrence
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocation
Presentation and disclosureunanswered
Valuation
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 10

Existence
Occurrenceunanswered
Completenessunanswered
Valuation and allocation
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

f. Confirmation

PCAOB Assertions

check all that apply 11

Existenceunanswered
Occurrenceunanswered
Rights and obligations
Completenessunanswered
Valuation and allocationunanswered
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 12

Existenceunanswered
Occurrenceunanswered
Completenessunanswered
Valuation and allocationunanswered
Rights and obligations
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

g. Inquiry

PCAOB Assertions

check all that apply 13

Existenceunanswered
Occurrenceunanswered
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocationunanswered
Presentation and disclosure
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 14

Existenceunanswered
Occurrenceunanswered
Completenessunanswered
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

h. Recalculation

PCAOB Assertions

check all that apply 15

Existenceunanswered
Occurrenceunanswered
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocationunanswered
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 16

Existenceunanswered
Occurrenceunanswered
Completenessunanswered
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracy
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

i. Reperformance

PCAOB Assertions

check all that apply 17

Existenceunanswered
Occurrenceunanswered
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocation
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 18

Existenceunanswered
Occurrenceunanswered
Completenessunanswered
Valuation and allocation
Rights and obligationsunanswered
Accuracyunanswered
Classificationunanswered
All assertionsunanswered
Valuationunanswered
Rightsunanswered

j. Analytical procedures

PCAOB Assertions

check all that apply 19

Existenceunanswered
Occurrenceunanswered
Rights and obligationsunanswered
Completenessunanswered
Valuation and allocationunanswered
Presentation and disclosureunanswered
Valuationunanswered
Rightsunanswered
All assertionsunanswered

ASB Assertions check all that apply 20

Existenceunanswered
Occurrenceunanswered
Completenessunanswered
Valuation and allocationunanswered
Rights and obligationsunanswered
Accuracyunanswered
Classification
All assertionsunanswered
Valuationunanswered
Rightsunanswered

rev: 02_09_2021_QC_CS-252443, 09_25_2021_QC_CS-279680

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