Mid-term revision

Question 1

What are the 8 FS assertions?

ACCACOVERP

Answer 1

Accuracy
Cut-off (correct accounting period)
Completeness
Allocation
Classification (correct accounts)
Occurrence
Valuation (appropriate amounts)
Existence
Rights and obligations (to assets and liabilities)
Presentation

Question 2

What are the 9 audit procedures to obtain evidence?

RACEDRRIO

Answer 2

Re-perform
Analytical procedures
Confirmation
Enquiry
Discuss
Recalculation
Review
Inspection
Observation