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ugaud.ch2 - Chapter 2 Types of Audits Financial Statement...

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11 Chapter 2 Types of Audits Financial Statement : independent auditor; audit opinion issued Compliance : internal auditor/CPA; regulatory report or internal report on extent to which entity complies with rules, policies, laws, etc. Operational : internal audit; report to management or audit committee regarding the efficient and effective use of resources. Forensic : purpose is to detect or deter fraud Tax --IRS auditor
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22 Assertions: The assertions we’ll focus on are management’s representations as to the fairness of the financial statements The financial statements contain both explicit and implicit assertions.
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33 The Auditing Standards Board (ASB), which is part of the AICPA, classifies the assertions as follows PERC ei V e: P resentation and Disclosure E xistence or Occurrence R ights and Obligations C ompleteness V aluation or Allocation
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44 Management Assertions Presentation and Disclosure: Are components of financial statements properly classified, described, and disclosed?
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55 Management Assertions Existence or Occurrence: Do all of the assets and equities on the Balance Sheet exist and did all of the transactions on the Income Statement occur ?
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66 Management Assertions Rights and Obligations: Are the assets that are on the B/S owned by the entity and are the reported liabilities the obligations of the entity as of the B/S date?
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