In testing the existence assertion for an asset, an auditor ordinarily works from the.

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19-09-2022
Business

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In testing the existence assertion for an asset, an auditor ordinarily works from the.

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zhellaley zhellaley · Answer 1 · 2022-09-22T11:17:07-04:00

An auditor often starts with the accounting records and moves to the supporting documentation to verify the existence claim for an asset.

The claim that the assets, liabilities, and shareholder equity balances shown on a company's financial statements exist as of the end of the accounting period that the financial statement covers is known as the assertion of existence. Simply put, this claim guarantees that the information provided is accurate and devoid of any fraudulent activities. For instance, any inventory statement that is part of the financial statement implies that the inventory was there at the end of the accounting period.

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