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Extra info for Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Assertions about account balances at the period end: • Existence—assets, liabilities, and equity interests exist. • Rights and obligations—the entity holds or controls the rights to assets, and liabilities are the obligations of the entity. • Completeness—all assets, liabilities, and equity interests that should have been recorded have been recorded. • Valuation and allocation—assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.
In addition, recall from our previous discussion that the initial demand for auditing comes not from the principal but from the agent. By purchasing the assurance provided by an audit, the company can sell its stocks and bonds to prospective owners and creditors at more favorable prices, 10 Part 1 Introduction to Assurance and Financial Statement Auditing significantly reducing the cost of capital. In fact, studies indicate that audits save companies billions of dollars in costs of obtaining capital; for example, by getting lower interest rates on loans and selling stock at higher prices.
In other words, another comparable inspector would likely find similar issues and come to similar conclusions. • Informative—the service provides a sense for how likely mechanical or structural failure is in the near future and provides an estimate of the cost to repair known defects or failures. services must focus on the assertions that are most important, and they must be conducted in a timely and cost-effective manner. Some assertions are more important than others because of their potential risk or cost.