Occurrence: Define: transactions and events that have been recorded have occurred and pertain to the entity. Explain: sales and purchases shown in the income statement belong to the company and are real‚ that is they actually took place. 2. Completeness: Define: all transactions and events that should have been recorded have been recorded. Explain: all the individual transactions making up the balances in the income statement are recorded; no sales or purchases are missing. 3. Accuracy Define:
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misleading financial statement account balances. True False 10. If the risk of material misstatement is assessed as high‚ it is likely that additional substantive procedures will be required. True False 11. The emphasis is on the completeness assertion because financial statement users tend to be more concerned about understated expenses and liabilities than overstated. True False 12. Unrecorded liabilities can be prevented if there is an appropriate segregation of duties in
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Assertions Existence and occurrence Audit Objectives: Substantiate the existence of receivables and the occurrence of revenue transactions. Prove none of the account receivables are fictitious. Completeness Audit objectives: Establish the completeness of receivables and revenue transactions. Rights and obligations Audit objectives: Determine the client has rights to the recorded receivables. Prove the accounts receivable are collectible in the
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Review of Applications of Accounting Information System of Petroleum INTRODUCTION: Today the competitive world has thrown more challenges to the corporate world. More transparent and clear information to the corporate management and its customers also has been the trick of success in today’s market. A company can gain confidence and attract more customers if it is very transparent‚ clear substantial and subjective in its information it provides to its investors and managers. Keeping
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range (1-53) Hours worked range checked Record format check Record completeness check * Timesheets Payroll number check Week number range (1-55) Hours worked check (including OT and Holiday) Record format check Record completeness check Hourly rate update check * Commission Rates Payroll number check Sales for the period check Commission rate update check Record format check Record completeness check * Batch Posting/input Batch Total record check
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and decrease in pH within the buffer seems to put strain on the enzyme¡¦s ability to act as a catalyst and hence decreased the rate and completeness of the reaction. Graph Three
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Revenue Cycle Introduction As an external auditor who audits the financial statements of Fraser & Neave Holdings Berhad‚ he has to ensure the Fraser & Neave’s financial statement reflects true and fair view accordance with approved accounting standards. To access the accounting system and internal controls starting point is Revenue Cycle. Sales cycle is the process businesses use to describe the financial progression of company’s accounts receivables from the beginning which the company
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Confirmation is the process of obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions. It describes the concept of assessing inherent and control risks‚ determining the acceptable level of detection risk‚ and designing an audit program to achieve an appropriately low level of audit risk. The auditor uses the audit risk assessment in determining the audit procedures to be applied‚
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other two audits. It is obvious that where internal control system is very effective then there reliance could be placed mostly Tests of control depicts that reviewing the internal control system in pursue of reliability‚ effectiveness‚ accuracy‚ completeness‚ management ability‚ control procedure‚ documentation etc. to get evidence to perform audit task in assistance of making an opinion about financial statement of client. But it is not possible to get whole accuracy and effectiveness in tests of
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than others‚ but no matter how well written‚ there is bound to be something missing. This critique will regard the Acer Aspire 5600U user manual. The criteria with which this manual will be judged with will be clarity‚ complexity of terminology‚ completeness‚ usefulness‚ and ease of use. Clarity is important‚ because if a user cannot easily find something they are looking for‚ they will end up assuming that the manual does not contain anything else that they need. Clarity can be thought of as many
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