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Unformatted text preview: Rights & obligations Completeness Valuation & allocation Presentation & Disclosure Occurrence Rights & obligations Completeness Classification & understandability Accuracy & Valuation Types of Evidence Physical Examination -Rationalism v. Existentialism (ex: paint manufacturer) -“should” physically examine inventory -Ball bearings, other objectives, Doughtie Foods, McKesson Robbins Confirmation -“Should” confirm A/R -Control (Ultramares, Giant Stores) Documentation -Check, junior’s duty -Vouch v. trace (next slide) Observation -obsolete inventory, quality of personnel, and condition of facilities -Ex: Cyclone fence scoped at $20,000 Inquiries of Client – relevance, importance, fraud risk Reperformance Analytical Procedures (Leslie Fay)...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08