COMM 455 Chapter Notes - Chapter 8: Audit Evidence, Relate, Financial Statement
Document Summary
Chapter 8 execution of the audit performing substantive. 8. 1 overview of the substantive procedures required. Risk assessments are required to be performed at assertion level and the f/s level. Transaction assertions are related to account balance assertions: e. g. work done to verify sales occurrence provides some evidence about accounts receivable existence. Important to note that similar assertions across all three types of assertions (transactions, account balances and presentation/disclosure) are not exactly the same. Substantive procedures: audit procedures that are designed to detect material misstatements at the assertion level. Obtain direct evidence as to the completeness, accuracy, and validity of data, and the reasonableness of the estimates and other information contained in the financial statements. Audit program documents substantive procedures the auditor plans to use to identify and rectify material errors before giving the audit opinion inspection, observation, enquiry, confirmation, recalculation, re performance, and analytical reviews. 8. 2 relationship between risk assessment and nature,
