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7-34 (OBJECTIVES 7-4, 7-5) Analytical procedures are an important part of the audit processand consist of the evaluation of financial information by the study of plausible relation-ships among financial and nonfinancial data. Analytical procedures may be done duringplanning, as a substantive test, or as a part of the overall review of an audit.The following are […]
ASSIGNMENT 6-31 (OBJECTIVE 6-8) The following are various management assertions (a. through m.) related to sales and accounts receivable. Management Assertion a. Recorded accounts receivable exist.b. Disclosures related to sales are relevant and understandable.c. Recorded sales transactions have occurred.d. There are no liens or other restrictions on accounts receivable.e. All sales transactions have been recorded.f. […]
ASSIGNMENT Explain the objective of conducting an audit of financial statements and an audit of internal control. Distinguish management’s responsibility for the financial statements from the auditor’s responsibility for verifying those statements. Describe the key elements of an effective professional judgment process. Distinguish between management’s and the auditor’s responsibility for the financialstatements being audited. 2. […]
