Which assertion addresses whether all transactions and accounts that should be included in the financial statements are included quizlet?
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Obtain the year end bank reconciliation for each cash account and perform the following:: Show
a. Foot the bank reconciliation and agree the balance per books to the general ledger. Evidence type: reperformance b. Agree the balance per the bank to the related confirmation. Evidence type: confirmation c.Trace material deposits in transit to the cash receipts journal and/or the deposit slip (or the cutoff statement ), noting whether deposits was made prior to the end of the period Evidence type: Inspection of Documents d. Examine cancelled checks and or the bank cutoff statement. For checks written prior to the end of the period and clearing after the end of the period, trace to the outstanding check list Evidence
type: Inspection of documents e. Discuss other material reconciling items with appropriate client personnel. Evidence type: Inquiry f. Examine material inter-bank transfers made during the last week of the period to ascertain whether disbursments/ receipts were recorded in the correct period. Evidence type: Inspection of documents The following describes a situation in which an auditor has to determine the most appropriate standards to follow. The audited company is headquartered in Paris but has substantial operations within the United States (60% of all operations); has securities registered with the SEC; and is traded on the New York Stock Exchange (NYSE). The company uses International Financial Reporting Standards (IFRS) for its accounting framework. Which of these would be the most
appropriate set of auditing standards to follow? Audit evidence is the information used by the auditor in arriving at the conclusions on Accounting records include the records of initial entries and supporting records, such as checks and records of electronic fund transfers; invoices; journal entries, and other adjustments to the
financial statements that are not reflected in formal journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliations, and Other information is audit evidence that Recommended textbook solutions
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Cost Accounting: A Managerial Emphasis15th EditionCharles T. Horngren, Madhav V Rajan, Srikant M. Datar 853 solutions Accounting9th EditionCharles T. Horngren, M Suzanne Oliver 1,286 solutions Fundamentals of Financial Management, Concise Edition8th EditionEugene F. Brigham, Joel F Houston 508 solutions Recommended textbook solutionsFinancial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Introduction to Managerial Accounting5th EditionEric W. Noreen, Peter C. Brewer, Ray H Garrison 519 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Financial Accounting9th EditionCharles T. Horngren 1,286 solutions Which of the following assertions addresses whether all transactions that should be included in the financial statements are in fact included?Assertions about completeness address whether all transactions and accounts that should be presented in the financial statements are so included. For example, management asserts that all purchases of goods and services are recorded and are included in the financial statements.
Which management assertion addresses whether the components of the financial statements are properly classified described and disclosed?SAS 31 "assertions about presentation and disclosure deal with whether particular components of the financial statements are properly classified, described, and disclosed." The account balance not only must be properly measured but also adequately described and disclosed.
Which assertion relates to the following statement all transactions and events that should have been recorded have been recorded?Completeness—All transactions and events that should have been recorded have been recorded. 3. Accuracy—Amounts and other data relating to recorded transactions and events have been recorded appropriately.
Which financial statement assertion means that transactions and events have been recorded in the correct accounting period?Cut-off. The cut-off assertion is used to determine whether the transactions recorded have been recorded in the appropriate accounting period. Payroll and inventory balances are often checked for cut-off accuracy to determine that the activity that took place was recorded in the appropriate period.
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