Ryan Criss management
Audit objectives are associated with the audit of company financial statements. The audit objectives cover two topics (Munteanu, 2018). First, to make a report on the financial statements based on the findings from the audit conducted. Second, get a reasonable assurance the financial statements are free from any form of material misstatements.
Ryan Criss management is expected to make management asserts to claim to its members, reading the audit of the company financial statements. The managers are required to develop assertions about transactions regarding income statements. There are three classifications on management assertions. First, transactional-level claims to focus on the company income statement (Thakker, 2018). Accuracy is the assertion that the full amounts of all the transactions that occurred at Ryan Criss were well recorded by the company financial and procurement department with no error whatsoever. Completeness explains all the business events to which the company was subjected were recorded keenly.
Second, account balance assertions are related to ending balances in accounts, thus primarily associated with the balance sheet of the company (Andiola, Lambert, & Lynch, 2018). Existence assertion all account balances exist for liabilities, assets, and equity. Valuation evaluates all assets, equity balances, and liability that have been accurately recorded based on their proper costs.
Third, presentation and disclosure assertions that relate to the presentation of information within the company’s financial statements plus company disclosures (Andiola, Lambert, & Lynch, 2018). Rights and obligation assertion all disclosed rights and obligations accurately relate to the reporting entity. Presentation and Disclosure assertion all Ryan Criss assets have been presented in the right form to the relevant stakeholders. In summary, all three segments on different types of assertions across the three categories provide the best presentation of the company income statement, balance sheet, and any accompanying disclosure. A company will well record financial statements; balance sheets provide the much-needed confidence to the investors.