Chapter 4

Question 1

ASA 200.15=

ASA 200.16=

Answer 1

Professional Scepticism

Professional Judgement

Question 2

Assertions about classes of transactions for the period:

Answer 2

Occurrence 
Completeness 
Accuracy
Cut off (record in right period)
Classification

Question 3

Assertions about account balances at the period end:

Answer 3

Existence
Rights and Obligations (think is it definitely an asset or liability incurred now)
Completeness
Valuation and allocation

Question 4

Assertions about presentation and disclosure:

Answer 4

Occurrence and rights and obligations
Completeness
Classification and Understandability
Accuracy and valuation

Question 5

Common Audit Procedures:

Answer 5

• Inspection
• Observation
• External Confirmation
• Recalculation
• Re-performance
• Analytical Procedures (ratios relationships)
• Enquiry