Question 1

What are the key assertions for payables?

Accepted Answer

A)  Completeness and valuation and allocation 
B)  Existence and completeness 
C)  Completeness and rights and obligations 
D)  Classification and valuation and allocation 
A)  Completeness and valuation and allocation 
B)  Existence and completeness 
C)  Completeness and rights and obligations 
D)  Classification and valuation and allocation

Question 2

Investments can be vouched to supporting external documentation such as:

Accepted Answer

A)  shares prices on the stock exchange. 
B)  investment statements from a bank. 
C)  Both a and b 
D)  None of the above 
A)  shares prices on the stock exchange. 
B)  investment statements from a bank. 
C)  Both a and b 
D)  None of the above

What are the key assertions for payables?

Investments can be vouched to supporting external documentation such as:

Introduction and Overview of Audit and Assurance

Ethics, Legal Liability and Client Acceptance

Risk Assessment 1

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters

Exam 10: Substantive Testing and Balance Sheet Accounts

What are the key assertions for payables?

Investments can be vouched to supporting external documentation such as:

Introduction and Overview of Audit and Assurance

Ethics, Legal Liability and Client Acceptance

Risk Assessment 1

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters