General Objectives for Asset Accounts

The audit program for each financial statement account must be tailored to uncover potential misstatements in each

account.

While specific audit program steps must be tailored to each type of account, it is important to ensure that the auditors are

meeting general objectives based on assertions.

Part $2-$ Concept Check

A cutoff test that relates to plant assets typically affects

Because documents like checks, shipping documents, and receiving reports are usually

easier for auditors to verify cutoff

it is

The amount appearing as an asset $($inventory$)$ on a financial statement is usually the accumulation of many