Week 3 Homework Solutions -...

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Unformatted text preview: 6-19a.(2)b.(2)c.(1)6-20a.(1)b.(2)c.(1)6-27a.Management assertions are implied or expressed representations by management about the classes of transactions and related accounts in the financial statements. SAS 106 identifies five assertions about classes of transactions which are stated in the problem. These assertions are the same for every transaction cycle and account. General transaction-related audit objectives are essentially the same as management assertions, but they are expanded somewhat to help the auditor decide which audit evidence is necessary to satisfy the management assertions. Accuracy and posting and summarization are a subset of the accuracy assertion. Specific transaction-related audit objectives are determined by the auditor for each general transaction-related audit objective. These are done for each transaction cycle to help the auditor determine the specific amount of evidence needed for that cycle to satisfy the general transaction-related audit objectives. b.andc.The easiest way to do this problem is to first identify the general transaction-related audit objectives for each specific transaction-...
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This note was uploaded on 11/20/2011 for the course ACCT 555 555 taught by Professor Brandonpei during the Winter '10 term at Keller Graduate School of Management.

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Week 3 Homework Solutions -...

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