Management is responsible for the financial statements of the company and makes various assertions in those financial statements. The role of the auditor is to obtain audit evidence as to those assertions.

For your current, former, or theoretical employer:

1. State the name and type of company.

2. Name 3 income statements and 3 balance sheet assertions that you would make in the financial statements (We had interest income of $100,000, we have a building worth $3.2M) 

3. Describe the assertions in audit terms (existence, occurrence, rights, and obligations)

4. On the flip side, what audit evidence would you request as an auditor to validate each assertion?

Answer rating: 100% (QA)

1 State the name and type of company The name of the company is ABC Corporation and it is a manufacturing company 2 Name 3 income statements and 3 balance sheet assertions that you would make in the f... View the full answer