Evaluate audit assertions: Which is most important

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  Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?

• Existence & Rights Assertions - Auditing Accounts Receivable

  Which audit procedures are usually the most useful for auditing the existence and rights assertions? What analytical procedures might be informative regarding the existence assertion?

• Planning and Performing an Audit

  Financial Statement Assertions For planning the nature, timing, and extent of audit procedures, the auditor establishes a materiality level for the financial statements that is important in particular circumstances.

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• Anthony's Orchard's inventory

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• Auditing - Assessing control risk

  - Control risk is assessed at below the maximum level - For those assertions for which the assessed level of control risk is below the maximum level, the auditor is required to document that control risk is assessed below the maximum and the basis

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  This is generally done through the mailing of confirmation letters to vendors that made commitments to purchase items from the client. Which audit procedures are usually the most useful for auditing the existence and rights assertions? 1.

• Valuation and Allocation Assertion

  For this the auditor will have to set objectives relating to the aging of the current accounts receivable to evaluate if the accounts receivable is adequate.

• Why Auditors Consider Internal Controls of an Organisation

  Which are the most important? How will the auditor have to modify the audit program if the internal controls are deemed inadequate to support management assertions?