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AUDIT RESPONSIBILITIES AND OBJECTIVES - Coggle Diagram
AUDIT RESPONSIBILITIES AND OBJECTIVES
RESPONSIBILITIES
Management Responsibilities
Management Assertions
Existence or occurrence
Completeness
Valuation and allocation
Rights and obligations
Presentation and disclosure
Auditor Responsibilities
Detecting material errors
Detecting material fraud
Consider laws and regulations
PROFESSIONAL JUDGEMENT
PROFESSIONAL SKEPTICISM
PURPOSE OF AN AUDIT
FINANCIAL STATEMENT CYCLES
SETTING AUDIT OBJECTIVES
Transaction-related audit objectives
Occurrence
Completeness
Accuracy
Posting and summarization
Classification
Timing
Presentation
Balance-related audit objectives
Existence
Completeness
Accuracy
Cutoff
Detail tie-in
Realizable value
Classification
Rights and obligations
Presentations
HOW AUDIT OBJECTIVES ARE MET