Individual Text Assignment Chapters 5, 6, and 7

ACC/491 Contemporary Auditing I

Individual Text Assignment Chapters 5, 6, and 7

Chapter 5

Comprehensive Question

5-30

(Assertions) In planning the audit of a client's financial statements, an auditor identified the following issues that need attention.

Required

Identify the assertion for items 1 through 11.

1. The allowance for doubtful accounts is fairly presented in amount. Valuation and allocation

2. All accounts payable owed as of the balance sheet date are included in the financial statements. Completeness

3. All purchase returns recorded in the general ledger are valid. Existence and occurrence

4. There is a risk that purchases made in the last week of the month might be recorded in the following period....