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Required information General Objectives for Asset Accounts Read the overview below and complete the activities...

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Accounting

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Required information General Objectives for Asset Accounts Read the overview below and complete the activities that follow. The audit procedures for each financial statement account must be tailored to uncover potential misstatements in each account. CONCEPT REVIEW While specific audit procedures must be tailored to each type of account, it is important to ensure that the auditors are meeting general objectives based on assertions. Match each audit procedure example to its correct general objective. s to cash can Examining shipping Cash can be verified by physical Auditors examine Right Reviewing Vouch the cost of acquisition to paidansactions justbe verified by documents helps to determine if assets are properly recorded. subsequent events is an before and just after year end sending a confirmation. checks. important step. Determine the Determine the appropriate appropriate financial statement Establish Establish the existence of assets Establish that the company has rights to the asset completeness of the recorded assets Verify the cutoff of transactions valuation of the presentation and disclosure of the asset assets

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