Match to the correct Assertions. (Each letter can be used multiple times, once, or not at all): The audit objective that all journal entries were included in the financial statements is related to which of the assertions. During an audit of inventory, it was determined some of the inventory is not owned by the company. This audit procedure most likely is intended to verify management's assertion of. Which of the following management assertions is an auditor most likely testing if the audit objective states that all expenses, such as rent and payroll, were in fact recorded on the trial balance? If an auditor is performing procedures related to the information that is contained in the client's tax footnote, he/she is most likely to obtain evidence concerning management's assertion about. The audit objective that all the transactions and accounts presented in the financial statements represent real sales is related most closely to which of the assertions. The audit objective that all transactions are recorded in the proper period is related most closely to which assertion. The audit objective that all debt is the companies own and for valid borrowings, most closely to which one of the assertions. The audit objective the inventory is recorded correctly using the lower of cost or market. A. Existence/ Occurrence.B. Completeness/ Cutoff.C. Presentation/DisclosureD. Accuracy/ Valuation.E. Rights and Obligations.

These assertions are made by the management. These are the claims regarding certain aspects of the…

Answered: The audit objective that all journal…

11th Edition

ISBN:9781337619455

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

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

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 3CYBK

Related questions

Question

Match to the correct Assertions. (Each letter can be used multiple times, once, or not at all):

	The audit objective that all journal entries were included in the financial statements is related to which of the assertions.
	During an audit of inventory, it was determined some of the inventory is not owned by the company. This audit procedure most likely is intended to verify management's assertion of.
	Which of the following management assertions is an auditor most likely testing if the audit objective states that all expenses, such as rent and payroll, were in fact recorded on the trial balance?
	If an auditor is performing procedures related to the information that is contained in the client's tax footnote, he/she is most likely to obtain evidence concerning management's assertion about.
	The audit objective that all the transactions and accounts presented in the financial statements represent real sales is related most closely to which of the assertions.
	The audit objective that all transactions are recorded in the proper period is related most closely to which assertion.
	The audit objective that all debt is the companies own and for valid borrowings, most closely to which one of the assertions.
	The audit objective the inventory is recorded correctly using the lower of cost or market.