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.
Auditors complete the audit of a small business in an organized manner by mapping audit objectives onto management assertions. This mapping allows the auditor to design audit procedures that specifically test the quality of financial information. By understanding some common management assertions and how the auditor tests them, you can see how the auditor designs procedures to meet the objectives of the audit. When testing income statement accounts, one of the auditor's main objectives is to test occurrence.