MCAA Response 1 and 2

Responses
Name
Institutional Affiliation
Response #1
Auditing is an essential function for all businesses since it ensures the financial records and other control systems in a company can be checked. Your discussion is based on the different assertions within a company. You have provided a clear definition to the issue of assertions as well as how that can be tied to the auditing function. Your discussion states that assertions can be classified into different types depending on the claims by the management. The completeness assertions are of interest since it focuses on how businesses present their financial statements (Accounting tool, 2017). This ensures that the stakeholders can understand how the business is operating and future plans. The concept of auditing is also based on accuracy and valuation assertions which help ensure that the financial statements are based on facts and disclosures are made efficiently.
Response #2
Your discussion explains the concept of auditing as well as how that is tied to the business processes in a very efficient manner. I was able to gain a lot from the discussion since you explained how assertions are involved in auditing and how the management ensures transparency. You have clearly defined the different types of assertions that are involved in the auditing procedures. According to your discussion, the concept of auditing depends on the assertions as well as trying to ensure that the different statements by the management are matched with evidence (Kismalacka, 2018).

You have explained the different assertions involved in auditing such as existence as well as rights and obligations. The existence assertions are meant to ensure that the materials declared by the management can be assessed and are available as stated and in the statements.
References
Accounting Tools, (2017, Nov.). Management Assertions in Auditing.  Retrieved from https://www.accountingtools.com/articles/what-are-management-assertions-in-auditing.htmlKismalacka, (2018).  Quizlet.  Auditing Inventory-Assertions and Procedures.  Retrieved from https://quizlet.com/21670752/audit-inventory-assertions-and-procedures-flash-cards/