What is apparent from a horizontal presentation of financial statement information?

3. What is apparent from a horizontal presentation of financial statement information? A vertical presentation?


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The following are specific presentation and disclosure-related audit objectives applied to presentation

Auditing P 6-28 The following are specific presentation and disclosure-related audit objectives applied to presentation and disclosure for fixed assets (a through d) and management assertions (1 through 4).

Specific Presentation and Disclosure-Relatd Audit Objective
a. All required disclosures regarding fixed assets have been made.
b. Footnote disclosures related to fixed assets are clear and understandable.
c. Methods and useful lives disclosed for each category of fixed asset are accurate.
d. Disclosed fixed assets dispositions have occurred.

Management Assertion about Presentation and Disclosure
1. Occurrence and rights and obligations
2. Completeness
3. Accuracy and valuation
4. Classification and understandability

Required:
For each specific presentation and disclosure-related audit objective, identify the appropriate management assertion. (Hint: See Table 6-5 on page 161.)


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