Lesson 4

Lesson 4 - Name Jay Patadia Enrollment Number 688430 Course...

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Name: Jay Patadia Enrollment Number: 688430 Course Number: ACCT 3222Z Lesson 4 4-4 List and define the assertions about account balances at the period end. - Auditors sometimes perform procedure to gather evidence directly about ending account balances. Balance related assertions help the auditor conceptualize, plan, and perform such procedures. o Existence: The assertion about existence addresses whether ending balances of assets, liabilities, and equity interests included in the financial statements actually exist at the date of the financial statements. o Rights and Obligation: The assertions about rights and obligations address whether the entity holds or controls the rights to assets included on the financial statements, and that liabilities are the obligations of the entity. o Completeness: The assertion about completeness addresses whether all assets, liabilities, and equity interests that should have been included as ending balances on the financial statements have been included. o
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This note was uploaded on 03/04/2012 for the course AUD 3222 taught by Professor Na during the Spring '12 term at LSU.

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Lesson 4 - Name Jay Patadia Enrollment Number 688430 Course...

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