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.
d. What are an auditorâs documentation requirements concerning an entityâs system of internal control and the assessed level of control risk? a. The reasons why an auditor may assess control risk at the maximum for one or more assertions embodied in an account balance include the controls are unlikely to be effective, pertain to an assertion. Plus it will be inefficient for an auditor to evaluate the effectiveness of an entityâs internal controls b.