AYB301 Lecture Notes - Lecture 7: Queensland University Of Technology, Pricewaterhousecoopers, Control Risks

• School: QUT
• Department: Accountancy
• Course: AYB301
• Professor: All

Document Summary

Week 7 lecture 7 audit and assurance lecture notes. Management assertions, audit evidence and overall audit strategy: understanding management"s financial statement assertions. Existence/occurrence - whether account balances exist at a given date, whether transactions occurred during an accounting period, and recorded items relate to the entity. Completeness whether all transactions, events and accounts that should be part of the financial statements are included and all related disclosures included: audit evidence- sufficient & appropriate. Cut-off - whether all transactions and events have been recorded in the correct accounting period (particularly at year end) Rights and obligations whether assets are the rights of the entity and whether the liabilities are its obligations at year end. Accuracy, valuation and allocation whether assets and liabilities are included in the financial statements at the appropriate amounts and any valuation adjustments have been included. Classification whether items have been recorded in the correct accounts.