Audit Evidence - Concepts & Standards

Question 1

Three Categories of Management Assertions

Answer 1

1. Account Balances at Period End
2. Presentation & Disclosure
3. Classes of Transactions & Events during the Period

Question 2

4 assertions for “Account Balances at Period End”

Answer 2

1. Completeness
2. Existence
3. Rights & Obligations
4. Valuation & Allocation

Question 3

4 assertions for “Presentation and Disclosure”

Answer 3

1. Completeness
2. Classification & Understandability
3. Accuracy &Valuation
4. Occurrence & Rights & Obligations

Question 4

5 assertions for “Classes of Transactions & Events”

Answer 4

1. Completeness
2. Classification
3. Cutoff
4. Accuracy
5. Occurence