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Kalina Sukarova,
Senior Financial Management Specialist, CFRR
Session Objectives
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But before we begin…..What do you think?
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Determining Significant Accounts and Disclosures:
What are the criteria?
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Quantitative criteria - examples
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Qualitative criteria - examples
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Relevant Assertions
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Management Assertions - Transactions
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Management Assertions – Account Balance
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Management Assertions – Presentation and Disclosure
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Assertions - Summary
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Audit Approach
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Example
The audit team has identified that Cash and Inventories are
significant accounts for the audit of a small supply store.
You are required to identify the related processes for these
accounts
Cash Inventories
Cash Receipts Purchases
Cash Disbursements Processing accounts payable
Cash disbursements
Physical inventory
Provisions for obsolete and
damaged inventories
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Perfecta LTD
( 15 min )
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Thank you
Q&A
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