ACCT 4360 Lecture Notes - Financial Audit, Audit Evidence, Engagement Letter
Document Summary
All assets and liabilities actually existed on known as limited warranty), there are the balance sheet date. All income and methods that accountants use to notify expenses recognized in the financial various parties, including: statements actually arise during the period. For example, bankers and stockbrokers want to ensure that the financial data they review is trustworthy. Completeness assertion informs the user that cpa has not identified. The annual financial statements any adverse characteristics or contain all relevant information for the characteristics associated with the financial period. Responsibilities assets really represent the rights of an organization. Liabilities accurately represent an organization"s obligations. during a financial audit and recorded in the audit documentation. Auditors need audit evidence to determine whether a company has accurate information about its financial statements. If the information is correct, a cpa (certified. Public accountant) can certify the company"s financial statements. Audit evidence primarily supports determinations as to whether there is reasonable assurance.
