Question: May I have assistance with selecting the proper assertion for each of the following audit procedures. the options are provided below. please and thank you.


3.53 General Audit Procedures and Financial Statement Assertions. 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 most usefully audited by using each procedure. a. Inspection of records or documents (vouching) PCAOB Assertions Existence Occurrence Rights and obligations Completeness Valuation and allocation Presentation and disclosure Valuation Rights All assertions ASB Assertions Existence Occurrence Completeness Valuation and allocation Rights and obligations Accuracy Classification All assertions Valuation Rights
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