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.
A large part of the final audit stage will be taken up with the verification of the assets and liabilities appearing. in the balance sheet. There are well established techniques for verifying specific assets and liabilities. Following few lectures will cover verification of assets, liabilities and equity. Verification of Assets. Auditor has a duty to verify all the assets appearing on the balance sheet and also a duty to verify that there are. no other assets which ought to appear on the balance sheet.