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  • I. Auditing Objectives of Owner's Equity

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    This document provides instructions for auditing a corporate client's owner's equity accounts, which consist of capital stock and retained earnings. It outlines six objectives of the audit: adequacy, existence and rights, completeness, clerical accuracy, valuation, and presentation and disclosure. The auditor is instructed to assess internal controls over owner's equity, understand relevant controls, and design substantive tests and analytical procedures as part of the audit program.

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    AUDIT OF OWNER

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    This document provides instructions for auditing a corporate client's owner's equity accounts, which consist of capital stock and retained earnings. It outlines six objectives of the audit: adequacy, existence and rights, completeness, clerical accuracy, valuation, and presentation and disclosure. The auditor is instructed to assess internal controls over owner's equity, understand relevant controls, and design substantive tests and analytical procedures as part of the audit program.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    11 views1 page

    I. Auditing Objectives of Owner's Equity

    Uploaded by

    temedebere
    This document provides instructions for auditing a corporate client's owner's equity accounts, which consist of capital stock and retained earnings. It outlines six objectives of the audit: adequacy, existence and rights, completeness, clerical accuracy, valuation, and presentation and disclosure. The auditor is instructed to assess internal controls over owner's equity, understand relevant controls, and design substantive tests and analytical procedures as part of the audit program.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Perform Audit & Report

    On
    Financial Statement & Records
    For TVET Level Project - Five

    AUDIT OF OWNER’S EQUITY

    Owner’s equity for corporate clients consists of


     Capital stock accounts (preferred and common) and
     Retained earnings.

    I. Auditing Objectives of Owner’s Equity


    1. Adequacy
    2. Existence and rights
    3. Completeness
    4. Clerical Accuracy
    5. Valuation
    6. Presentation and Disclosure
    II. Assessment and Evaluation of the Internal Control System over Owner’s
    Equity
    III. Audit Program for owner’s equity
    A. Obtain an understanding of the internal control
    B. Substantive Tests
    C. Analytical procedures

    Instructions
    1. Design the audit objective, i.e., transactions related audit objective and
    balance related audit objective to give reasonable assurance to the
    management in accordance with the management assertion.

    2. Evaluate and test the internal control system.

    3. Design the audit program on the account(s) to be audited.

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