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Essay / Research Paper Abstract
This is a 5 page paper that provides an overview of auditing standards. The five assertions model is used to describe an accurate audit. Bibliography lists 0 sources.
Page Count:
5 pages (~225 words per page)
File: KW60_KFaudit5.doc
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Unformatted sample text from the term paper:
an organizations accounts are off as the result of some mistake, it can lead the organization to make misinformed strategic decisions on the basis of false information. If the organizations
accounts are off through some deliberate action, however, then this represents a major ethical violation, and might even be against the law. One only need look to recent examples of
catastrophic organizational failures such as Enron to understand the ethical and operational importance of transparency and accuracy in an organizations accounting practices. Auditing is an essential step of the process
for ensuring that organizations are truly prepared to move forward, fiscally. However, the process of auditing must be carefully constructed. There are a number of facets which must be explored,
and the process can seem overwhelming. However, by adopting the framework of the five assertions, one can ensure a simple, fast, and accurate auditing process. This paragraph helps the student
explore the five assertions in depth. According to auditing standards, an audit must be built upon evidence related to five key assertions in order to be considered accurate and useful.
The five assertions of accounting are standards upon which it is commonly agreed within the profession that accounting practices will be held to. When performing an audit, one can look
at each item in the context of the five assertions in order to ensure completion and accuracy. The first assertion is "presentation and disclosure", which states that organizations must do
their best to ensure that the items reported in accounting statements are categorized properly (i.e. - income and assets must be categorized truthfully, same with expenses and liabilities). Secondly, there
is the assertion of rights and obligations, which states that the organization must have the complete rights and obligations over any asset stated as such on accounting reports. Thirdly, the
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