Chaptern01 n-n Auditingnand nAssurancen Services
Solution Manual For Auditing & Assurance Services 9t
n n n n n n nn
n Edition by Timothy Louwers, Penelope Bagley
n n n n n
,Chaptern01 n-n Auditingnand nAssurancen Services
CHAPTER n01
AuditingnandnAssurancenServices
LEARNINGnOBJECTIVES
Reviewn Chec Multiplen Choi Exercises,nProblems,n a
kpoints ce nd n Simulations
1.n Definen informationn risknandn explain n hown thenfi 1,n 2,n 3 29,n 31,n 38 65*
nancialn statementnauditingn processn helpsn ton r
educen thisn risk,n thereby nreducingn then costn ofn
capitaln forn a n company.
2. Definenand ncontrast n assurance,n attestation, 4,n 5,n 6,n 7,n 8 23,n 25,n 28,n 44, 60,n 65*
and nfinancial n statement nauditing nservices. 50
3. 9,n 10,n 11 36,n 39,n 40,n 41,n 45, 62,n 63,n 67,n 68,n 69
Describen and n definen then assertionsn that nma 46,n 47,n 48,n 49,n 52,
nagement n makesn aboutn then recognition,n meas 53,n 54,n 55,n 57,n 58,
urement,n presentation,nand ndisclosuren ofn thenfi 59
nancialn statementsnand nexplain n why n auditorsn
usenthem nasna n focaln point n of nthen audit.
4. 12 24,n 37 61
Definenprofessional nskepticismnand nexplain
nitsn key ncharacteristics.
5. 13,n 14 30,n 42,n 56 72
Describenthen organization n ofnpublicnaccount
ingn firmsn and n identify nthenvariousn servicesn that
n they noffer.
6. 15,n 16,n 17,n 18 26,n 27,n 32,n 34,n 35 64,n 66
Describen then auditsn and nauditorsn in n
governmental,ninternal,nand noperational
n auditing.
7. 19,n 20,n 21,n 22 33,n 43,n 51 70,n 71
List n and n explain nthenrequirementsn forn beco
mingna ncertified n publicnaccountant n(CPA)n and n
othern certificationsn availablen to nann accounting
n professional.
(*)n Item nrelatesn to n multiplen learningn objectives
,Chaptern01 n-n Auditingnand nAssurancen Services
SOLUTIONS nFOR nREVIEWnCHECKPOINTS
1.1 Businessn risk n isn then risk n thatnan nentitynwillnfailnto nmeetnitsnbusinessnobjectives.nWhen nassessingn busin
essn risk,n a n professionaln must nconsidern alln possiblen threatsn to nan nentity‘sn goalsn and n objectives.n Somen illustr
ativen examplesn includen thenrisk n that: n1)nitsn existingn customersn willn start n buyingn productsnorn servicesn from n
itsn primary n competitors; n 2)n itsn productn linesn willn becomen obsolete; n 3)n itsn taxesn willn increase; n 4)n key n gover
nment n contractsn willn ben lost; n 5)n key nemployeesn willn leaven thenentity; n and n many nothern examplesn exist.
1.2 To n help n minimizen businessn risk n andn takenadvantagen ofn othern opportunitiesn presentedn in ntoday‘sn competitiven
businessn environment,n decision n makersn such nasn chief n executiven officersn (CEOs)n demandn timely,n relevant,n a
nd n reliablen information.n Therenaren atn least nfourn environmentaln conditionsn that nincreasendemand nforn reliablen i
nformation.n First,n complexity nwhich n impliesn that neventsn and ntransactionsnin n today‘sn globaln businessn environ
ment n can nben complicated.n Most ninvestorsn don not nhaventhenleveln ofn expertisen needed nto nproperly n account nforn
complex n transactions.n Second nisn remotenessn which n impliesn thatn decision n makersn aren oftenn separated n from nc
urrent n and npotentialn businessnrelationshipsn duentondistancenandntime.nForn example,n investorsn mayn not nbenable
n to n visit n distant n locationsn to n check n up n on n theirn investments.n Third n isn time-
sensitivity n which n impliesn that n in n today‘sn economicn environment,n investorsn andn othernusersn ofn financialn state
mentsn need n to nmaken decisionsn morenrapidly n thann evern before.n Asn anresult,n thenability n to npromptly n obtain n hig
h-
quality n information n isn essential.n Fourth nisn a nconsequencenwhich n impliesn that ndecisionsn mayn very n welln involv
en significant n investments.n Asn anresult,n thenconsequencesn can n ben severen if n information n cannot n ben obtained
1.3 Of n alln then different nrisksn discussed n in n thenchaptern upn to nthisn point,n information nrisk n isn thenonenthat n isn most n li
kely n to n createnthen demand nforn independentn and nobjectivenassurancen servicesn isn information n risk n ornthenproba
bility n that n theninformation n circulatedn by nan nentity n willn ben falsen orn misleading.n Becausen thenprimary n sourceno
f n information nforn investorsnand ncreditorsn isn thencompany nitself,n an nincentiven existsn forn that ncompany‘snmana
gement n to n makentheirn businessn orn servicen appearnto nbenbettern than nitnactually nmay nbe,n tonputn theirn best nfoot nfo
rward.n Asn a n result,n preparersn and nissuersn of nfinancialn information n(directors,n managers,n accountants,n and n ot
hern peoplen employed nin n anbusiness)n might n benefit n by ngivingn false,n misleading,n orn overly n optimisticn informat
ion.n Thisn potentialn conflict n of ninterest n between n information nprovidersn and nusersn which n providesn thenunderly
ingn basisn forn then demand n forn reliablen information.
1.4 Thenfourn majorn elementsnof nthen broad ndefinition n of nassurancenservicesnare
Independence.n CPAsn want ntonpreserventheirn reputation nand ncompetitiven advantagenby nalwaysn preservingn i
ntegrity n and n objectivity n when n performingn assurancen services.
Professionaln services.n Virtually nalln work n performednbynCPAsn isn defined nasn―professionaln services‖nasn longna
sn itn involvesn somen element n of n judgment n based n on n education n and n experience.
Improvingn then quality n ofninformation nornitsn context.nThenemphasisn isn on n―information,‖ nCPAs‘n traditionaln a
rea n of n expertise.n CPAsn can nenhancenquality n by nassuringn usersn aboutn thenreliability n and nrelevancen of ninforma
tion,n and n thesen two n featuresn aren closely n related n to n then familiarn credibility-
lendingn productsn of n attestation nand naudit nservices.n ―Context‖ nisnrelevancenin nandifferent nlight.n Forn assurancen
services,n improving n then contextnofninformation nrefersnto nimprovingn itsn usefulnessnwhen n targeted n to nparticular
n decision n makersnin n the n surroundingsn of n particularn decision n problems.
Forndecision nmakers.nAsnthen―consumers‖ nof nassurancenservices,ndecision nmakersnarenthenbeneficiariesnof nthe
n assurance nservices.nDecision nmakersnmay nornmaynnot nbe nthe n―client‖ nthat npaysnthe nfee nand nmay nornmay nnot nb
en onen of nthenpartiesn tonan nassertion n orn otherninformation,n but ntheyn personify nthen consumern focusnofn newn andn
different n professionaln work.
1.5 An n assurancen servicesn engagement nisn any nassignment nthatn improvesn thenquality n of ninformation,n orn itsn conte
xt,n forn decision n makers.n Becausen information n(e.g.,n financialn statements)n aren prepared nbynmanagersn of nan nen
tity nwho nhavenauthority nandnresponsibility nforn financialn successnorn failure,n ann outsidern may nbenskepticaln that nt
hen information ntruly n isn objective,n freenfromn bias,n fully n informative,n andn freen from nmaterialn error,n intentional
n orn inadvertent.n The n servicesn of n an n independent n auditorn helpsn resolve n those n doubtsn because n the
, Chaptern01 n-n Auditingnand nAssurancen Services
auditor‘sn successn dependsnupon nhisn orn hern independent,n objective,n and ncompetentn assessment n of n then infor
mation n (e.g.,n then conformity nofnthenfinancialn statementsn with n thenappropriatenreportingn framework).n Thenin
dependent n auditor‘snrolen isnto n lend ncredibility nto n theninformation; nhence,n thenoutsidern willn likely nseek n hisn orn
hern independent n opinion n about n then financialn statements.
1.6 An n attestation n engagementnisn ―ann engagement nin n which nan practitionern isn engaged nto nissuenorn doesn issuenan
written n communication nthatn expressesn anconclusion n aboutn thenreliability n of n anwritten n assertion n that nisn then r
esponsibility nof n anothern party‖n (SSAEn 10,n ATn 101.01).n To nattest n meansnto nlend ncredibility n orn tonvouch nfornt
hen truth n orn accuracy nofnthen statementsnthat nonen party nmakesnto nanother.n Thenattest nfunction nisn anterm noften n
applied n to n then activitiesn of n independent n CPAsn when n actingn asn auditorsn of n financialn statements.
1.7 An n assurancen servicen engagementn isn onen that nimprovesn thenquality n of ninformation,n ornitsn context,nforn decisio
n n makers.n Thus,n an nattestation nservicen engagement nisn onentypenofn ann assurancenservice.n Anothern waynofnthi
nkingn about nthenissuen isn tonremembern that nthenfinancialn statementnaudit nengagement nisn onentypenofnan nattesta
tion n service.n Pleasen seen exhibit n 1.3 n in nthentext nwhich n depictsnthenrelationship namongn assurance,nattestation,na
nd n auditingn engagements.
1.8 Accordingnto nthen American nAccountingn Association,n ―Auditing nisnansystematicnprocessnofnobjectively nobta
iningn and n evaluatingn evidencenregardingn assertionsnabout neconomicnactionsnandn eventsnto nascertain n then deg
reen of n correspondence nbetween nthenassertionsnand nestablished n criteria n and ncommunicatingn thenresultsnto n int
erested n users.‖n In n effect,nauditorsn add nreliability n to n then information nthat nisn provided nto n interested n users.n Of n
course,n thisn definition n isn focused non nan nexternaln reportingn context.nStudentsn may n also n discussn hown govern
mentaln and n internaln auditorsn operaten asn well.
In nresponsento n―What ndo nauditorsndo?‖nstudentsncan nrespond nby nstatingn thatnauditorsn(1)n obtain nand nevaluaten
evidencen aboutn assertionsn madenbyn management nabout neconomicn actionsnand nevents,n (2)nascertain nthendegre
enof n correspondence nbetween nthenassertionsn andnthenappropriate nreportingn framework,n and n(3)nissuenan naudit n
report n (opinion).n Studentsn cann also nrespond nmoren generally n by nstatingn thatn auditorsn essentially n lend n credibili
ty n to n then financialn statementsn presented n by n management.
1.9 Financialn accountingn refersn to nthenprocessn ofn recording,n classifying,n summarizing,n and n reportingn aboutnanco
mpany‘sn assets,nliabilities,n capital,nrevenues,n andnexpensesnin n thenfinancialnstatementsn in naccordancenwith n th
en applicablen financialn reportingn framework n(e.g.,n GAAP).n In n so n doing,n then management nteamn isn makingn se
veraln assertionsn about nthenfinancialn statements.nThen financialn accountingn processn isn then responsibility n of n th
en management n team.
Financialn statementnauditingn refersn ton then processn wherebyn professionalnauditorsn gathernevidencen related nton
thenassertionsnthatnmanagementn makesn in nthen financialn statements,n evaluatesnthen evidencenandn concludesn on
n the n fairnessn of n the n financialn statementsn in n a n report.
They n differn becausenaccountantsn producenthenfinancialn statementsnin n accordancenwith n then applicablen financi
aln reportingn framework.n Aftern thisn isn complete,n financialn statementn auditorsn then nperform nproceduresn to nasce
rtain n whethern thenfinancialn statementsnhavenbeen nprepared nin naccordancenwith n thenapplicablen financialn reporti
ngn framework.
1.10 Thentwo n majorn classificationsnofnASBn assertionsn with n severalnassertionsn in neachn classification nare:n
Assertionsn About n Classesn of n Transactionsn and n Events,n and n Related n Disclosures
Occurrence n assertion:n Then objectivenisn to nestablish n with n evidencenthat ntransactionsngivingn risen to n assets,n li
abilities,n sales,n and nexpensesnoccurred.n Keynquestionsnincluden―Did n thenrecorded nsalesntransactionsnreally no
ccur?‖
Completenessn assertion:n Thenobjectivenisn to nestablish n with n evidencenthat nalln transactionsnofn thenperiod n thatns
hould n ben arenincluded nin n thenfinancialn statementsn (includingn footnotes).n Completenessnalso nrefersn tonpropern i
nclusion n in n financialn statementsn ofnalln revenue,n expense,n and n related n disclosures.n Key n questionsn related n to
Solution Manual For Auditing & Assurance Services 9t
n n n n n n nn
n Edition by Timothy Louwers, Penelope Bagley
n n n n n
,Chaptern01 n-n Auditingnand nAssurancen Services
CHAPTER n01
AuditingnandnAssurancenServices
LEARNINGnOBJECTIVES
Reviewn Chec Multiplen Choi Exercises,nProblems,n a
kpoints ce nd n Simulations
1.n Definen informationn risknandn explain n hown thenfi 1,n 2,n 3 29,n 31,n 38 65*
nancialn statementnauditingn processn helpsn ton r
educen thisn risk,n thereby nreducingn then costn ofn
capitaln forn a n company.
2. Definenand ncontrast n assurance,n attestation, 4,n 5,n 6,n 7,n 8 23,n 25,n 28,n 44, 60,n 65*
and nfinancial n statement nauditing nservices. 50
3. 9,n 10,n 11 36,n 39,n 40,n 41,n 45, 62,n 63,n 67,n 68,n 69
Describen and n definen then assertionsn that nma 46,n 47,n 48,n 49,n 52,
nagement n makesn aboutn then recognition,n meas 53,n 54,n 55,n 57,n 58,
urement,n presentation,nand ndisclosuren ofn thenfi 59
nancialn statementsnand nexplain n why n auditorsn
usenthem nasna n focaln point n of nthen audit.
4. 12 24,n 37 61
Definenprofessional nskepticismnand nexplain
nitsn key ncharacteristics.
5. 13,n 14 30,n 42,n 56 72
Describenthen organization n ofnpublicnaccount
ingn firmsn and n identify nthenvariousn servicesn that
n they noffer.
6. 15,n 16,n 17,n 18 26,n 27,n 32,n 34,n 35 64,n 66
Describen then auditsn and nauditorsn in n
governmental,ninternal,nand noperational
n auditing.
7. 19,n 20,n 21,n 22 33,n 43,n 51 70,n 71
List n and n explain nthenrequirementsn forn beco
mingna ncertified n publicnaccountant n(CPA)n and n
othern certificationsn availablen to nann accounting
n professional.
(*)n Item nrelatesn to n multiplen learningn objectives
,Chaptern01 n-n Auditingnand nAssurancen Services
SOLUTIONS nFOR nREVIEWnCHECKPOINTS
1.1 Businessn risk n isn then risk n thatnan nentitynwillnfailnto nmeetnitsnbusinessnobjectives.nWhen nassessingn busin
essn risk,n a n professionaln must nconsidern alln possiblen threatsn to nan nentity‘sn goalsn and n objectives.n Somen illustr
ativen examplesn includen thenrisk n that: n1)nitsn existingn customersn willn start n buyingn productsnorn servicesn from n
itsn primary n competitors; n 2)n itsn productn linesn willn becomen obsolete; n 3)n itsn taxesn willn increase; n 4)n key n gover
nment n contractsn willn ben lost; n 5)n key nemployeesn willn leaven thenentity; n and n many nothern examplesn exist.
1.2 To n help n minimizen businessn risk n andn takenadvantagen ofn othern opportunitiesn presentedn in ntoday‘sn competitiven
businessn environment,n decision n makersn such nasn chief n executiven officersn (CEOs)n demandn timely,n relevant,n a
nd n reliablen information.n Therenaren atn least nfourn environmentaln conditionsn that nincreasendemand nforn reliablen i
nformation.n First,n complexity nwhich n impliesn that neventsn and ntransactionsnin n today‘sn globaln businessn environ
ment n can nben complicated.n Most ninvestorsn don not nhaventhenleveln ofn expertisen needed nto nproperly n account nforn
complex n transactions.n Second nisn remotenessn which n impliesn thatn decision n makersn aren oftenn separated n from nc
urrent n and npotentialn businessnrelationshipsn duentondistancenandntime.nForn example,n investorsn mayn not nbenable
n to n visit n distant n locationsn to n check n up n on n theirn investments.n Third n isn time-
sensitivity n which n impliesn that n in n today‘sn economicn environment,n investorsn andn othernusersn ofn financialn state
mentsn need n to nmaken decisionsn morenrapidly n thann evern before.n Asn anresult,n thenability n to npromptly n obtain n hig
h-
quality n information n isn essential.n Fourth nisn a nconsequencenwhich n impliesn that ndecisionsn mayn very n welln involv
en significant n investments.n Asn anresult,n thenconsequencesn can n ben severen if n information n cannot n ben obtained
1.3 Of n alln then different nrisksn discussed n in n thenchaptern upn to nthisn point,n information nrisk n isn thenonenthat n isn most n li
kely n to n createnthen demand nforn independentn and nobjectivenassurancen servicesn isn information n risk n ornthenproba
bility n that n theninformation n circulatedn by nan nentity n willn ben falsen orn misleading.n Becausen thenprimary n sourceno
f n information nforn investorsnand ncreditorsn isn thencompany nitself,n an nincentiven existsn forn that ncompany‘snmana
gement n to n makentheirn businessn orn servicen appearnto nbenbettern than nitnactually nmay nbe,n tonputn theirn best nfoot nfo
rward.n Asn a n result,n preparersn and nissuersn of nfinancialn information n(directors,n managers,n accountants,n and n ot
hern peoplen employed nin n anbusiness)n might n benefit n by ngivingn false,n misleading,n orn overly n optimisticn informat
ion.n Thisn potentialn conflict n of ninterest n between n information nprovidersn and nusersn which n providesn thenunderly
ingn basisn forn then demand n forn reliablen information.
1.4 Thenfourn majorn elementsnof nthen broad ndefinition n of nassurancenservicesnare
Independence.n CPAsn want ntonpreserventheirn reputation nand ncompetitiven advantagenby nalwaysn preservingn i
ntegrity n and n objectivity n when n performingn assurancen services.
Professionaln services.n Virtually nalln work n performednbynCPAsn isn defined nasn―professionaln services‖nasn longna
sn itn involvesn somen element n of n judgment n based n on n education n and n experience.
Improvingn then quality n ofninformation nornitsn context.nThenemphasisn isn on n―information,‖ nCPAs‘n traditionaln a
rea n of n expertise.n CPAsn can nenhancenquality n by nassuringn usersn aboutn thenreliability n and nrelevancen of ninforma
tion,n and n thesen two n featuresn aren closely n related n to n then familiarn credibility-
lendingn productsn of n attestation nand naudit nservices.n ―Context‖ nisnrelevancenin nandifferent nlight.n Forn assurancen
services,n improving n then contextnofninformation nrefersnto nimprovingn itsn usefulnessnwhen n targeted n to nparticular
n decision n makersnin n the n surroundingsn of n particularn decision n problems.
Forndecision nmakers.nAsnthen―consumers‖ nof nassurancenservices,ndecision nmakersnarenthenbeneficiariesnof nthe
n assurance nservices.nDecision nmakersnmay nornmaynnot nbe nthe n―client‖ nthat npaysnthe nfee nand nmay nornmay nnot nb
en onen of nthenpartiesn tonan nassertion n orn otherninformation,n but ntheyn personify nthen consumern focusnofn newn andn
different n professionaln work.
1.5 An n assurancen servicesn engagement nisn any nassignment nthatn improvesn thenquality n of ninformation,n orn itsn conte
xt,n forn decision n makers.n Becausen information n(e.g.,n financialn statements)n aren prepared nbynmanagersn of nan nen
tity nwho nhavenauthority nandnresponsibility nforn financialn successnorn failure,n ann outsidern may nbenskepticaln that nt
hen information ntruly n isn objective,n freenfromn bias,n fully n informative,n andn freen from nmaterialn error,n intentional
n orn inadvertent.n The n servicesn of n an n independent n auditorn helpsn resolve n those n doubtsn because n the
, Chaptern01 n-n Auditingnand nAssurancen Services
auditor‘sn successn dependsnupon nhisn orn hern independent,n objective,n and ncompetentn assessment n of n then infor
mation n (e.g.,n then conformity nofnthenfinancialn statementsn with n thenappropriatenreportingn framework).n Thenin
dependent n auditor‘snrolen isnto n lend ncredibility nto n theninformation; nhence,n thenoutsidern willn likely nseek n hisn orn
hern independent n opinion n about n then financialn statements.
1.6 An n attestation n engagementnisn ―ann engagement nin n which nan practitionern isn engaged nto nissuenorn doesn issuenan
written n communication nthatn expressesn anconclusion n aboutn thenreliability n of n anwritten n assertion n that nisn then r
esponsibility nof n anothern party‖n (SSAEn 10,n ATn 101.01).n To nattest n meansnto nlend ncredibility n orn tonvouch nfornt
hen truth n orn accuracy nofnthen statementsnthat nonen party nmakesnto nanother.n Thenattest nfunction nisn anterm noften n
applied n to n then activitiesn of n independent n CPAsn when n actingn asn auditorsn of n financialn statements.
1.7 An n assurancen servicen engagementn isn onen that nimprovesn thenquality n of ninformation,n ornitsn context,nforn decisio
n n makers.n Thus,n an nattestation nservicen engagement nisn onentypenofn ann assurancenservice.n Anothern waynofnthi
nkingn about nthenissuen isn tonremembern that nthenfinancialn statementnaudit nengagement nisn onentypenofnan nattesta
tion n service.n Pleasen seen exhibit n 1.3 n in nthentext nwhich n depictsnthenrelationship namongn assurance,nattestation,na
nd n auditingn engagements.
1.8 Accordingnto nthen American nAccountingn Association,n ―Auditing nisnansystematicnprocessnofnobjectively nobta
iningn and n evaluatingn evidencenregardingn assertionsnabout neconomicnactionsnandn eventsnto nascertain n then deg
reen of n correspondence nbetween nthenassertionsnand nestablished n criteria n and ncommunicatingn thenresultsnto n int
erested n users.‖n In n effect,nauditorsn add nreliability n to n then information nthat nisn provided nto n interested n users.n Of n
course,n thisn definition n isn focused non nan nexternaln reportingn context.nStudentsn may n also n discussn hown govern
mentaln and n internaln auditorsn operaten asn well.
In nresponsento n―What ndo nauditorsndo?‖nstudentsncan nrespond nby nstatingn thatnauditorsn(1)n obtain nand nevaluaten
evidencen aboutn assertionsn madenbyn management nabout neconomicn actionsnand nevents,n (2)nascertain nthendegre
enof n correspondence nbetween nthenassertionsn andnthenappropriate nreportingn framework,n and n(3)nissuenan naudit n
report n (opinion).n Studentsn cann also nrespond nmoren generally n by nstatingn thatn auditorsn essentially n lend n credibili
ty n to n then financialn statementsn presented n by n management.
1.9 Financialn accountingn refersn to nthenprocessn ofn recording,n classifying,n summarizing,n and n reportingn aboutnanco
mpany‘sn assets,nliabilities,n capital,nrevenues,n andnexpensesnin n thenfinancialnstatementsn in naccordancenwith n th
en applicablen financialn reportingn framework n(e.g.,n GAAP).n In n so n doing,n then management nteamn isn makingn se
veraln assertionsn about nthenfinancialn statements.nThen financialn accountingn processn isn then responsibility n of n th
en management n team.
Financialn statementnauditingn refersn ton then processn wherebyn professionalnauditorsn gathernevidencen related nton
thenassertionsnthatnmanagementn makesn in nthen financialn statements,n evaluatesnthen evidencenandn concludesn on
n the n fairnessn of n the n financialn statementsn in n a n report.
They n differn becausenaccountantsn producenthenfinancialn statementsnin n accordancenwith n then applicablen financi
aln reportingn framework.n Aftern thisn isn complete,n financialn statementn auditorsn then nperform nproceduresn to nasce
rtain n whethern thenfinancialn statementsnhavenbeen nprepared nin naccordancenwith n thenapplicablen financialn reporti
ngn framework.
1.10 Thentwo n majorn classificationsnofnASBn assertionsn with n severalnassertionsn in neachn classification nare:n
Assertionsn About n Classesn of n Transactionsn and n Events,n and n Related n Disclosures
Occurrence n assertion:n Then objectivenisn to nestablish n with n evidencenthat ntransactionsngivingn risen to n assets,n li
abilities,n sales,n and nexpensesnoccurred.n Keynquestionsnincluden―Did n thenrecorded nsalesntransactionsnreally no
ccur?‖
Completenessn assertion:n Thenobjectivenisn to nestablish n with n evidencenthat nalln transactionsnofn thenperiod n thatns
hould n ben arenincluded nin n thenfinancialn statementsn (includingn footnotes).n Completenessnalso nrefersn tonpropern i
nclusion n in n financialn statementsn ofnalln revenue,n expense,n and n related n disclosures.n Key n questionsn related n to
