
Identify and describe the four presentation and disclosure audit objectives. Explain the number of the procedures to test presentation and disclosure audit objectives are integrated with tests performed in earlier stages of the audit

Explanation of Solution
The four presentations and disclosure audit objectives are as follows:
Presentation and disclosure-related audit objectives | Description |
Incidence and rights and obligations | Account-related information is like explained in the footnotes exists and represents the rights and obligations of the company. |
Completeness | All necessary disclosures are incorporated in the financial statement footnotes. |
Accuracy and valuation | Footnote disclosures are precise and valued correctly. |
Classification and understandability | Account balances are properly categorized and related financial statement disclosures are understandable. |
Table (1)
The auditor carries out numerous procedures to address presentation and disclosure-related audit objectives in combination with other tests. For instance, information that has to be disclosed associated with fixed assets, like assets class, estimated useful lives of the assets, and the method of
Auditor uses the financial statement disclosure checklist to sum up all disclosure requirements enclosed in accounting standards. Auditors use the checklist to find out that all necessary disclosures are fully reported and disclosed in the financial statements and supplementary footnotes. It helps the auditor get adequate and appropriate audit evidence regarding the completeness objective for the presentation and disclosure-related audit objective.
Want to see more full solutions like this?
Chapter 24 Solutions
Auditing and Assurance Services, Student Value Edition (16th Edition)
- Please provide the accurate answer to this financial accounting problem using appropriate methods.arrow_forwardI am searching for the accurate solution to this general accounting problem with the right approach.arrow_forwardCan you help me solve this general accounting question using the correct accounting procedures?arrow_forward
- Can you help me solve this general accounting question using the correct accounting procedures?arrow_forwardI need help solving this general accounting question with the proper methodology.arrow_forwardI need the correct answer to this general accounting problem using the standard accounting approach.arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubAccounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,


