Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (i.) Mention the name of the company you will be auditing along with the industry to which it belongs to. (ii.) List the category of assertions (3 assertions) along with the element of a financial statement that will be checked. (iii.) Explain in detail the procedure adopted for collecting the audit evidence that you have mentioned in relation to question no. (ii.) with proper justification and two sample transactions.

Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (i.) Mention the name of the company you will be auditing along with the industry to which it belongs to. (ii.) List the category of assertions (3 assertions) along with the element of a financial statement that will be checked. (iii.) Explain in detail the procedure adopted for collecting the audit evidence that you have mentioned in relation to question no. (ii.) with proper justification and two sample transactions.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 3CYBK

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Question: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (i.) Mention the name of the company you will be auditing along with the industry to which it belongs to.
Question: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (ii.) List the category of assertions (3 assertions) along with the element of financial statement that will be checked.
Question: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (iii.) Explain in detail the procedure adopted for collecting the audit evidence that you have mentioned in relation to question no.
Question: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (ii.) with proper justification and two sample transactions.
What are the main procedures used by an auditor when performing review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3)
To do an audit of a company's financial statements, there must be several key elements and procedures including all of the following except: O A. Quantitative information in a verifiable form that can be checked by the auditor. O B. Some standards or criteria by which the auditor can evaluate the information, which are generally accepted accounting principles or International Financial Reporting Standards. C. Determining the degree of correspondence between information and established criteria using some kind and amount of evidence. O D. None of the above.
Which of the following is the purpose of an Auditor’s Report? 1. To inform readers that financial statements are free of important and significant errors. 2. To show a fair picture of operating results, financial position and cash flows. 3. To give assurances to the financial health and strength of a company. A. All of the above B.
Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.
Become familiar with the several kinds of reports that go along with a company's financial statements, including the normal (unmodified) audit report.+
What are the types of evidence would you normally look during the performance of your Financial Statement audit?
What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3) _______________ _______________ _______________
The purpose of an audit is to A. provide financial statement users with an opinion by an independent auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework B. provide internal auditors with an opinion by the external auditor on whether the financial statements are presented fairly in accordance with an applicable financial reporting framework C. provide absolute assurance that the financial statements conform to Generally Accepted Accounting Principles (GAAP) D. help management ensure yearly bonuses will be received