Forums
Back
FAP - Further Auditing Procedure and Assertions.
Auditing
Can my Following Opinion or Statement be held valid :- Assertions in Account Balance , Class of Transactions or presentation and disclosure useful in gathering of Audit Evidence. [ Example :- Existence , Rights and Obligations, completeness and Valuations in case of Account Balance ]
Answers (3)
Sudha Reddy
Yes
The entire process of audit is to validate the assertions. the procedures are adopted to validate all the significant assertions. Through the procedures,likes Inspection of title documents (Assertion: Rights), physical verification (Assertion: Existence) , we obtain audit evidence to draw conclusions and finally opinion. Statement is thus valid
Your Reply