3 accuracy amounts and other data relating to

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3 Accuracy — amounts and other data relating to recorded transactions and events have been recorded appropriately. 4 Cut- of —Transactions and events have been recorded in the correct accounting period. 5 Classification —Transactions and events have been recorded in the proper accounts.
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Assertions about account balances 1 Existence —Assets, liabilities and equity interest exist. 2 Rights and obligations — the entity holds or controls the rights to assets, and liabilities are the obligations of the entity. 3 Completeness — all assets, liabilities and equity interest that should have been recorded have been recorded. 4 Valuation and allocation —assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.
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Assertions about presentation and disclosure 1 Occurrence and rights and obligations —disclosed events, transactions, and other matters have occurred and pertain to the entity. 2 Completeness — all disclosures that should have been included in the financial statements have been included. 3 Classification and understandability — financial information is appropriately presented and described, and disclosures are clearly expressed. 4 Accuracy and valuation — financial and other information are disclosed fairly and at appropriate amounts.
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Balance-related and presentation and disclosure-related audit objectives General Balance-Related Audit Objectives: 1 Existence —Amounts included exist. 2 Completeness —Existing amounts are included. 3 Accuracy —Amounts included are stated at the correct amounts. 4 Classification —Amounts included in the client’s listing are properly classified. 5 Cutof —Transactions near the balance sheet date are recorded in the proper period. 6 Detail Tie-In —Details in the account balance agree with related master file amounts, foot to the total in the account balance, and agree with the total. 7 Realizable Value —Assets are included at the amounts estimated to be realized. 8 Rights and Obligations —Assets are owned or controlled by the entity, and liabilities are obligations of the entity.
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Balance-related and presentation and disclosure- related audit objectives (cont.) Specific Balance-Related Audit Objectives —The same as for
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