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 Concept of Audit Assertions. When management prepares the financial statements, they make five assertions about each line in the financial statements. For each line in the financial statements, the auditor's objective is to be sure that there are no material misstatements in these assertions. The 5 assertions are. Existence or occurrence