Auditing Has Been Described as the Process of Determining If

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The Answer is a.Management makes assertions about the financial statements when it hands the statements to the auditor to audit.These assertions include:
Existence or occurrence-for both classes of transactions and account balances
Completeness-for both classes of transactions and account balances
Valuation and allocation-for account balances
Rights and obligations-for account balances
Accuracy-for classes of transactions
Cutoff- for classes of transactions
Classification-for classes of transactions
Occurrence and rights and obligations,completeness,classification and understandability,and accuracy and valuation-for presentation and disclosure
b.Existence and occurrence-Expenses for the year are valid (according to the accounting standards);the accounts payable,inventory purchases,and fixed asset accounts on the year-end balance sheet exist (according to the accounting standards).
Completeness-all expenses that should be recognized during the year according to the accounting standards (the applicable financial reporting framework)have been recognized;all accounts payable,inventory purchases,and fixed asset accounts have been recorded according to the accounting standards.
Valuation and allocation-the year-end accounts payable and fixed asset balances are valued according to the accounting standards.
Rights and obligations-the audit client has the obligation to pay the accounts payable balance to the vendor according to the accounting standards (either a service has been provided or a product has been shipped).
Accuracy-expenses recorded for the year are accurate.
Cutoff-the cutoff for expense has been done in accordance with the accounting standards.
Classification-expenses are properly classified as expense according to the definition of expenses in the accounting standards.
Occurrence and rights and obligations,completeness,classification and understandability,and accuracy and valuation-all the accounts in the acquisition and expenditure process have been recorded in accordance with the accounting standards;disclosure is consistent with the accounting standards requirement.
c.No,the auditor typically gathers evidence for relevant assertions associated with significant accounts.In this process,this would be completeness for accounts payable.

Auditing Has Been Described as the Process of Determining If

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