Knowing that the Bovar Company’s audit will include the inventory cycle, you want to plan for the audit by setting the audit objectives. For this assignment, you will write and submit a document of 300–400 words that sets specific audit objectives that will be followed during the audit to meet each of the following management assertions:
Accuracy or Valuation
Rights and Obligations
Presentation and Disclosure
Present these objectives to the members of your team for their feedback by attaching the document to the Discussion Board.
During your audit, you need to test management financial statement assertions for fixed and intangible asset transactions. The six assertions that you must attend to when auditing — occurrence, ownership, completeness, authorization, accuracy, and cutoff — are outlined here.
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