Beruflich Dokumente
Kultur Dokumente
Responsibilities
and Objectives
Chapter 6
Know management
3
assertions about accounts.
Capital acquisition
and repayment cycle
Inventory and
warehousing
cycle
2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder 6 - 17
Learning Objective 5
Sales returns
$ 1,242 and allowances
Charge-off of
$ 3,323 uncollectible
accounts
1. Existence or occurrence
2. Completeness
3. Valuation or allocation
Recorded transactions
Accuracy are stated at the
correct amounts.
2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder 6 - 24
Transaction-Related Audit
Objectives and Management
Assertions
Transactions are properly
Classification
classified.
Rights and
Assets must be owned.
obligations
Perform tests of
Complete the
controls and
Phase II substantive tests Phase IV audit and issue
an audit report.
of transactions.