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Flashcards in Assertions Deck (41):
1

cash - review disclosures for compliance with gaap

presentation and disclosure

2

cash-confirmation

existence or occurrence

3

cash - review bank statements

rights and obligations

4

cash - foot summary schedules

valuation, accuracy

5

cash - count cash on hand

existence

6

perform analytical procedures on cash

completeness/cut off

7

prepare bank transfer schedule

existence or occurrence

8

review bank reconciliation

completeness/cut off

9

cash - review cut offs receipts and disbursements

completeness cut off

10

obtain bank cut off statement to verify reconciling items on bank recon

completeness cutoff

11

cash - reconcile summary schedules to GL

valuation/accuracy

12

test translation of foreign currencies

valuation allocation

13

receivables -confirmation

existence or occurrence

14

inquire about pledging or discounting

presentation and disclosure

15

receivables - confirmation

existence occurrence

16

inspection of notes receivable

existence or occurrence

17

inquire about factoring of receivables

rights and obligations

18

vouch shipping documents, invoices, credit memos

existence occurrence

19

review loan agreements for factoring and pledging

presentation and disclosure

20

review cut offs - sales, cash receipts, sales returns

completeness cut off

21

foot subsidiary ledger

valuation

22

reconcile subsidiary ledger to GL

valuation

23

examine subsequent cash receipts

valuation

24

age receivables to test accuracy of allowance for da

valuation

25

discuss adequacy of allowance with management and compare to historical experience

valuation

26

inquire about pledging inventories

presentation and disclosure

27

review purchase commitments

presentation and dfisclosure

28

confirmation of consigned inventory and inventory in warehouse

existence

29

observe inventory count

existence

30

inquire about inventory from vendors on consignment

rights and obligations

31

review cut offs of sales, sales returns, purchases, purchase returns

completeness cut off

32

perform test counts and compare with clients summary

completeness cut off

33

inquire about consigned inventory

completeness and cut off

34

account for all inventory tags and count sheets

completeness cut offs

35

perform analytical schedules on inventories

completeness cut off

36

foot and extend summary schedules

valuation

37

reconcile summary schedules to gl

valuation

38

test inventory costing method

valuation allocation accuracy

39

determine that inventory is valued at lcm

valuation

40

examine inventory quality - salable condition

valuation

41

test inventory obsolescence

valuation