Answered: Audit Procedures PCAOB Assertions ASB…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

General Audit Procedures and Financial Statement Assertions. The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors’ choice of procedures.
Required:
Opposite each general audit procedure, write the management assertions most usefully audited by using each procedure.

Audit Procedures
PCAOB Assertions
ASB Assertions
a. Inspection of records or documents (vouching)
b. Inspection of records or documents (tracing)
c. Inspection of records or documents (scanning)
d. Inspection of tangible assets
e. Observation
f. Confirmation
g. Inquiry
h. Recalculation
i. Reperformance
j. Analytical procedures

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions