Assertions & Objectives

Assertions & Objectives - estimated to be realized...

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Managements Assertions About Classes of Transactions and Events Audit Objectives Occurrence Completeness Accuracy correct amount properly included in the master files and are correctly summarized Classification journals are properly classified Cutoff Occurrence - recorded transactions exist Completeness - existing transactions are recorded Accuracy - recorded transactions are stated at the Posting & Summarization - recorded transactions are Classification - transacations recorded in the client's Timing - transactions are recorded on the correct dates
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Managements Assertions About Account Balances Audit Objectives Existence Completeness correct amounts listing are properly classified recorded in the proper period related master file amounts, foot to the total in the account balance, and agree with the total in the general ledger
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Unformatted text preview: estimated to be realized Rights & Obligations liabilities incurred before they are recorded Existence - amounts included exist Completeness- existing amounts are included Accuracy - amounts included are stated at the Classification - amounts included in the client's Cutoff - transactions near the balance sheet date are Detail Tie-in - details in the account balance agree with Realizable Value - assets are included at the amounts Timing- transactions are recorded on the correct dates Rights & Obligations - assets must be owned and Management's Assertions & Audit Objectives - 3 of 3 Managements Assertions About Presentation & Disclosure Audit Objectives Occurrence and Rights & Obligations Occurrence and Rights & Obligations Completeness Completeness Valuation & Allocation Valuation & Allocation Classification & Understandability Classification & Understandability...
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Assertions & Objectives - estimated to be realized...

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