Audit – explained in 5 steps

For a financial statement audit the overall objective is to gather enough audit evidence to be able to issue an opinion, on management assertions.   Phases of the work Management Assertions One way to describe these are through the below six items, PCAOB/ASB Key Question Procedures Completeness All transactions recorded? In the right period? Inspection, tracing/vouching Existence Assets really exist? Transactions really occurred? Inspection Accuracy Transactions recorded accurately? Inspection Valuation…

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