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  2. Audit substantive test - Wikipedia

    en.wikipedia.org/wiki/Audit_substantive_test

    For example, an auditor may: physically examine inventory as evidence that inventory shown in the accounting records actually exists (existence assertion); inspect supporting documents like invoices to confirm that sales did occur (occurrence); arrange for suppliers to confirm in writing the details of the amount owing at balance date as evidence that accounts payable is a liability (rights ...

  3. Management assertions - Wikipedia

    en.wikipedia.org/wiki/Management_assertions

    These assertions are relevant to auditors performing a financial statement audit in two ways. First, the objective of a financial statement audit is to obtain sufficient appropriate audit evidence to conclude on whether the financial statements present fairly, in all material respects, the financial position of a company and the results of its ...

  4. ISA 500 Audit Evidence - Wikipedia

    en.wikipedia.org/wiki/ISA_500_Audit_Evidence

    Financial statement assertions [ edit ] It is stated in ISA 315 (paragraph A.124) that the auditor should use assertions for classes of transactions, account balances, and presentation and disclosures in sufficient detail to form a basis for the assessment of risks of material misstatement and the design and performance of further audit procedures.

  5. SOX 404 top–down risk assessment - Wikipedia

    en.wikipedia.org/wiki/SOX_404_top–down_risk...

    There are two primary levels at which objectives (and also controls) are defined: entity-level and assertion level. An example of an entity-level control objective is: "Employees are aware of the Company's Code of Conduct." The COSO 1992–1994 Framework defines each of the five components of internal control (i.e., Control Environment, Risk ...

  6. Audit evidence - Wikipedia

    en.wikipedia.org/wiki/Audit_evidence

    Audit evidence collection is also being improved through audit data analytics, which also provide the auditor the ability to view the entire population of data, rather than just a sample. [4] Viewing greater amounts of data leads to a more efficient audit and a greater understanding of the audit evidence.

  7. Audit working papers - Wikipedia

    en.wikipedia.org/wiki/Audit_working_papers

    Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in ...

  8. Entity-level control - Wikipedia

    en.wikipedia.org/wiki/Entity-Level_Control

    Audit Effect Indirect Some entity-level controls have an indirect effect on the chances of detecting or preventing a misstatement on a timely basis. They do not directly relate to risks at the financial statement assertion level. Affect control selection, and the nature, timing, and extent of the procedures performed. Monitoring

  9. Internal control - Wikipedia

    en.wikipedia.org/wiki/Internal_control

    For example, if a Financial Statement shows a balance of $1,000 worth of Fixed Assets, this implies that the management asserts that fixed assets actually exist as on the date of the financial statements, the valuation of which is worth exactly $1000 (based on historical cost or fair value depending on the reporting framework and standards) and ...