A3 Matchign audited procedures to specific assertions

Question 1

Completeness

Answer 1

1. Tracing From source document to FS
2. Analytical Review
3. Observation

Question 2

Cutoff

Answer 2

Before and after year-end transactions

Question 3

Valuation, Allocation, and Accuracy

Answer 3

1. Inspection
2. Footing and cross-footing of schedules
3. Independent recalculation (Accounting estimates)
4. Reconciliation from supporting schedule to general ledger

Question 4

Existence and occurrence

Answer 4

1. Confirmation of accounts with third parties
2. Observation, inspection, and examination
3. Vouching From FS to source documents

Question 5

Rights and obligation

Answer 5

1. Inspection of supporting transactions and of contracts

Question 6

Understandability of presentation and Classification

Answer 6

1. Inspection
2. Review
3. Inquiry of management