John Wayne International Airport is the sole commercial airport in Orange County. General aviation operations outnumber commercial operations and several facilities at the airport serve the general aviation and corporate aviation community. The other general aviation airport in the county is Fullerton Municipal Airport.
Inventory, general expenses, and payroll. â Cash, accounts receivable, and sales. These accounts are part of the acquisition cycle. When auditing the existence assertion for an asset, auditors proceed from the Supporting original transaction documents to the general ledger. General ledger back to the supporting original transaction documents. Financial statement amounts back to the potentially unrecorded items.
The words âreasonableâ and âlimitedâ convey the level of assurance obtained by the auditor at the end of the audit. I.e. the level of confidence or certainty that the business has complied with its AML/CFT obligations. The Reasonable Assurance Audit requires more work from the auditor than a Limited Assurance Audit as a larger sample size is taken. The auditor will express the conclusion in a positive form.