Please provide a definition and source for the "timeliness" audit assertion?

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Please provide a definition and source for the "timeliness" audit assertion?

2007-10-14 15:11:33 · 2 answers · asked by mlshood 1 in Business & Finance ➔ Other - Business & Finance

2 answers

Timeliness - evidence relates to the balance sheet date. For example:
* Timely evidence: The auditor observes the client counting inventory on the balance sheet date.
* Not so timely: The client counts the inventory 1 month before the balance sheet date. This requires additional procedures because the auditor must test the changes in the inventory balance between the count date and the balance sheet date.

2007-10-14 18:35:00 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋

It all starts at 4:20

2016-05-22 14:48:24 · answer #2 · answered by ? 3 · 0⤊ 0⤋