MGAD10H3 Lecture Notes - Organizational Chart, Trial Balance, Engagement Letter
Document Summary
Cas 315 identifying and assessing the risks of material misstatement through understanding the entity and its environment. Cas 330 the auditor"s responses to assessed risks. Cas 501 audit evidence specific considerations for selected items. Cas 620 using the work of an auditor"s expert. Assertions statements made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements. Auditors use assertions for transactions, account balances, and presentations and disclosures when assessing the risk of material misstatement and when designing their audit procedures. Transactions and events that have been recorded have occurred and pertain to the entity. Amounts and other data relating to recorded transactions and events have been recorded appropriately. Transactions and events have been recorded in the correct accounting period. Transactions and events have been recorded in the proper accounts. Rights to assets held or controlled by the entity, and liabilities (obligations) of the entity.
