Chapter 3, Problem 3.6DMP

Define Disclosure notes.

Describe the purpose of a financial statement disclosure checklistand explain how it helps the auditor determine if there is sufficient appropriate evidencefor each of the presentation and disclosure objectives.

What are the key components of a promissory note that need to be considered in accounting?

Describe the purpose of a financial statement disclosure checklist and how it assists the auditor in determining if enough acceptable evidence exists to support each of the presentation and disclosure goals.

Give all answer

Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodies

Using the knowledge you have acquired in this course and as per guidance from IAS I and IPSAS 1, what would you consider a complete final Accounts ready for publication?     State what you would expect to find in the Notes to general purpose financial statements giving its rationale  ?

Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements?     Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.

Discuss about the accounting policies, selection, relevance, reliability, faithful representation aspects in detail.