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Question: Please read the case and precisely answer these Qs

• Identify key financial statement assertions and related audit objectives (see separate slide of PCAOB AS 15 assertions).

• Assets/revenues (overstatement risk - existence/occurrence key assertions)

• Liabilities/expenses (understatement risk - completeness key assertions)

• Consider any improper cutoff (e.g., to overstate sales, inventory, cash and understate liabilities, expenses)

• Explain audit procedures the auditor performed to test the assertions.

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Accounting Basics, Accounting

Category:- Accounting Basics
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