Financial statements contain a number of assertions about account balances, classes of transactions, and disclosures.
- Identify who makes these assertions.
- List and describe each of the assertions regarding each financial statement component. Comment on the reliability of each of the following examples of audit evidence. Arrange your answer in the form of a separate paragraph for each item. Explain fully the reasoning employed in judging the reliability of each item.Ali has copies of Kipco & Co (client) sales invoices. (Auditors’ independent computation of earnings per share.
Paid checks returned with a bank statement.
