Management Assertions and AuditEvidence-Handout

Auditing and Assurance Services

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Learning Objectives Understand management assertions implicit in a set of  financial statements. Define audit procedures and understand their relationship  to assertions.  Identify and define the audit procedures used for  obtaining audit evidence Understand the sufficiency and appropriateness of audit  evidence
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Overview of the Audit Process
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Management Assertions (PCAOB) Existence/Occurrence – Rights & Obligations – Completeness – Valuation or Allocation – Presentation & Disclosure –
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Management Assertions (ASB)
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Audit Procedures Are acts performed by the auditor to gather evidence about whether specific  assertions are being met.  They are used to o Obtain an understanding of the entity and its environment  including internal controls to assess RMM at the f/s and relevant  assertion levels  o Test the operating effectiveness of controls o Detect material misstatements at the relevant assertion level
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Management Assertions and AuditEvidence-Handout -...

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