Procedures
Confirmation of Cash Balances
Expense
Inventory Balance
Salaries & Wages Cost
Assertions descriptions
Completeness Prepared and send confirmation
letter to corresponding banks.
Compare balance per books and
balance per when variance are
noted.
Existence All inventory units that should
recorded have been recognized in
the financial statement Any
inventory held by a third party on
behalf of the audit entity has
been included in the inventory
balance.
Existence Audit entity owns or controls the
inventory recognized in the
financial statements. Any
inventory held by the audit entity
on account of another entity has
not been recognized as part of
inventory of the audit entity.
completeness Transactions recognized in the
financial statements have
occurred and relate to the entity.