Philippine CPA Review
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Philippine CPA Review blog provides visitors with lots of review materials to be used for the CPA board examinations.
Philippine CPA Review
5y ago
The Use of Assertions in Obtaining Audit Evidence Assertions about classes of transactions and events for the period under audit (COCAC): Completeness - all transactions and events that should have been recorded have been recorded.Occurrence - transactions and events that have been recorded have occurred and pertain to the entity.Classification - transactions and events have been recorded in the proper accounts.Accuracy - amounts and other data relating to recorded transactions and events have been recorded appropriately.Cutoff - transactions and events have been recorded in the correct acco ..read more
Philippine CPA Review
5y ago
Risks in Sampling Sampling RiskAlpha Risk: affects EFFICIENCYTest of Control: Risk of underrelianceSubstantive Test: Risk of incorrect rejectionBeta Risk: affects EFFECTIVENESSTest of Control: Risk of overrelianceSubstantive Test: Risk of incorrect acceptanceNon-sampling RiskHuman errorsControlling the RisksSampling RiskIncreasing the sample sizeUsing an appropriate sample selection methodNon-sampling RiskProper planningAdequate direction, review, and supervision of the audit teamGeneral Approaches to Audit SamplingStatistical SamplingUses random-based selection of sampleUses the law of proba ..read more