Question

Do you think auditors have to perform procedures over all financial statement assertions for every significant account in the financial statements? Why or why not?

Answer 1

Yes, auditor have to perform procedures overall financial statement assertions for every significant account in the financial statement

Substantive procedures are performed to check completeness accuracy and validity of transactions and balance.

auditor's proform substantive procedures in respect of the following assertions related to data produced by accounting system

1. Measurement :- that a transaction is recorded in proper period at proper amount

2. Presentation and disclosure :- an item is disclosed classified and described as per recognised accounting policy and relevant statutory requirement if any

3. Completeness :- that there is no unrecorded assets or liability or transactions

4. Occurrence :- that a transaction or event took place which pretend The Entity during the relevant period

5. Valuation :- that and assets or liability is recorded at appropriate carrying value

6. Existence :- that an acid or a liability exist at a given date

7. Rights and obligations :- that and assets is a right of the entity and the liability is the obligation of the entity at a given date