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Audit > Audit #5 > Flashcards

Audit #5 Flashcards

1
Q

What are the management assertions with regards to the financial statements?

(U-PERCV)

A
  1. Understandability & Classification
  2. Presentation & Disclosure
  3. Existence & Occurrence
  4. Rights & Obligations
  5. Completeness & Cutoff
  6. Valuation, Allocation & Accuracy
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2
Q

What are the Audit Procedures?

(I-CORRIIA)

A
  1. Inquiry
  2. Confirmation
  3. Observation
  4. Recalculation
  5. Reperformance
  6. Inspection of Tangible Assets
  7. Inspection of Records & Documents
  8. Analytical Procedures
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3
Q

Sufficient audit evidence relates to what part of (NTE)

A

Sufficient relates to the extent?

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4
Q

Appropriate relates to what part of (NTE)

A

Nature of the audit evidence

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Audit (8 decks)

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