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Exam 1 Notes

Exam 1 Notes - Audit Chapter 5 Assertion Model for...

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Audit Chapter 5 Assertion Model for Financial Statement Audits o Presentation o Existence & occurrence o Rights & obligations o Completeness o Valuation & allocation Gathering Sufficient, Appropriate Evidence o Sufficient: enough o Appropriate: relevance o Reliability of Audit Evidence More Reliable: Directly observable evidence Evidence derived from a well-controlled information system Evidence from independent outside sources Evidence exists in documentary form Original documents Less Reliable: Indirectly observable evidence Evidence derived from a poorly controlled system or easily overridden information system Evidence from within the client’s organization Verbal evidence not supported by documentation Photocopies or facsimiles Audit Procedures o Preliminary Planning & Risk Analysis o Understand and Test Internal Controls & System Processing o Test Account Balances or Other Business Measurements
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