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I.TRANSACTIONS AND ACCOUNT BALANCE ASSERTION Transactions & Events: (IS) Occurrence Completeness Accuracy Cut-off Classification Account Balances Existence Rights & Obligations Completeness Valuation & Allocation   Completeness- all transactions, assets, liabilities and equity interests have been recorded that should have been recorded. Accuracy- amounts, data and other information have been recorded and disclosed appropriately. Cut-off- transactions and events have been recorded

I.AUDIT PROCEDURE Revenue is important to the audit because it’s one of the two major business processes, and purchasing is the other. Assertion Control objectives Audit Procedure Occurrence and existence To ensure that recorded sales transactions represent goods or services provided. For a sample of sales invoices ensure there is a related sales order form that has been authorised and

I.AUDIT PROCEDURE FOR ACCOUNT PAYABLE ASSERTIONS When testing accounts payable, assertions about purchases and cost of goods sold are also involved. Completeness Do the balances contain all transactions for the period? Reconcile accounts payable ledger with control account. Purchases cutoff test tests to determine if goods for which title has passed or not passed are appropriately accounted for.  FOB shipping

A number of sample selection methods are available to the auditor. I.Random selection Simple random sampling is a method of selection in which every item in population has the same statistical probability of being selected as every other item. This method of sampling ensures that all items within a population stand an equal chance of selection by the use of