Balance-Related Audit Objectives

kevalley4's version from 2015-05-03 04:19


Question Answer
This objective deasl with whether the amounts included n the financial statments should actually be includedExistence - Amount included Exist
This objective deals with whtherall amounts that should be incuded have acctually been included.Completness - Existing Amounts are Included
This objective refers to amounts being included at the correct amounts - one of five A and V management assertionsAccurcy - Amounts Included are Stated at the Correct Amounts
This Objective involves determining whether items included on a client's liting are included in the correct general leger accounts - two of five A and V management assertionsClassification - Amou Included in the Client's listing are Properly Classified
This objective to determine whether transcations are recorded and included in account balances in the proper period - three of five A and V management assertionsCutoff - Transactions Near the Balance Sheet Date are Recorded in the Proper Period
This objective is concerned that the details on lists are accurately prepared, correctly added, and agree with the gerneral ledger which support the financial statments - four of five A and V managerment assertionsDetail Tie-In - Details are in the Account Balance Agree with Related Mater File Amounts, Foot to the Total in the Account Balance, and Agree with the Total in the General Ledger
This objective concers with whether an account balance has been reduced for declines from historical cost to net realizable value or when accounting starndards require fair market value accounting treatment - five of five A and V management assertionsRealizable Value - Assets are Included at the Amounts Estimated to be Realized
This objective is the company has title to all inventory items and inventories are not pledge as collateral or a liabilityRights and Obligations
Audit procedures testing for monetary misstatements to determine whether the eight balance-related objectives have been statisfied for each siginificant balanceTests of Details of Blannces
V and AValuation and Allocation