Account balances include all the asset, liabilities and equity interests included in the statement of financial position at the period end. Transactions include sales, purchases, and wages paid during the accounting period. At this stage the auditor will design substantive procedures to ensure that assurance has been gained over all relevant assertions. This will determine the mix of tests of control and substantive procedures but both will tend to focus on transactions that have occurred so far in the period.ĭuring the final audit, the focus is on the financial statements and the assertions about assets, liabilities and equity interests. Interim and final audit proceduresĭuring the interim audit, the system of internal control is documented and evaluated. This article will focus on assertions as identified by ISA 315 (Revised 2019) and also provides useful guidance to candidates on how to tackle questions dealing with these. ![]() Relevant to Foundations in Audit (FAU) and Audit and Assurance (AA) An introduction to professional insights.Virtual classroom support for learning partners. ![]()
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