Describe some of the items often disclosed in the financial notes
What will be an ideal response?
Answer: Some of the items often disclosed in the financial notes are:
(1) How a specific item was computed
(2) Additional information on a company's financial condition such as
(a) Special issues concerning its debt or contingent accounts
(b) Information on the potential impact of a pending lawsuit
(c) Events regarding a loss or impairment
(3) Methods used to prepare the financial statements
(4) Difference between prior estimates and actual results
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The auditor traces recorded sales to invoices, sales orders and shipping documents in order to substantiate which assertion?
a. Cutoff. b. Completeness. c. Legality. d. Occurrence.
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