Professional Documents
Culture Documents
Financial Statement Audit Rica
Financial Statement Audit Rica
Financial Statement Audit Rica
AUDIT
TYPES OF FINANCIAL
STATEMENT
ASSERTIONS
Based from a pronouncement of the
American Institute of Certified Public
Accountants
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
A). Completeness
B). Rights and Obligation
C). Valuation or Allocation
D).
Existence
or
Occurrence
E). Statement Presentation
and
Disclosure
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
A). COMPLETENESS
- all the transactions
accounts that should be
presented in the financial
statements or other report
are included.
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
B). RIGHTS AND
OBLIGATIONS
- all assets are the rights
of the entity and all
liabilities are the obligations
of the entity.
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
C). VALUATION OR
ALLOCATION
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
D). EXISTENCE OR
OCCURRENCE
- assets or liabilities exist at a
given
date
and
whether
recorded transactions have
occurred during a given period.
TYPES OF FINANCIAL
STATEMENT ASSERTIONS
E). STATEMENT PRESENTATION
AND DISCLOSURE
- financial statement components
have been properly classified,
described, and disclosed.
developing
the
work
sheets
and
allocations involved.
Recalculation
Reconciling
related
types
and
applications of the same information.
written
representations
information obtained by the auditor from
inquiry, observation, inspection and physical
examination
other information developed by, or available
to
Corroborating Evidence
- may be available only in
electronic form and may exist
only at a certain moment
time.
Audit evidence
Sufficient
Appropriate or component
Component
evidence
Valid
Relevant
SUFFICIENCY OF EVIDENTIAL
MATTER
The amounts and kinds of
SUFFICIENCY OF EVIDENTIAL
MATTER
The
auditor
must
decide
whether the evidence available
within time and cost.
EVALUATION OF EVIDENTIAL
MATTER
the auditor considers whether and specific audit
EVALUATION OF EVIDENTIAL
MATTER
The auditor should consider relevant
Summary
A financial statement audit is the examination of an
A). Completeness
B). Rights and Obligation
C). Valuation or Allocation
D). Existence or Occurrence
E). Statement Presentation and Disclosure
Statement Audit
1). Underlying accounting data
2). All corroborating information available
to the auditor.
Nature of Evidence for Financial Statement
Audit
Audit evidence
Component evidence
Sufficiency of Evidence Matter
Evaluation of Evidence Matter
END