Assertions

Question 1

What are assertions?

Answer 1

Something management is claiming about the figures in the financial statement that is tested by the Auditors

Question 2

Accuracy

Answer 2

Is the figure calculated and recorded correctly

Question 3

Completeness

Answer 3

Are all the transactions included

Question 4

Cut-Off

Answer 4

Is it in the right accounting period

Question 5

Existence

Answer 5

Does the asset/liability actually exist

Question 6

Occurrence

Answer 6

Did the transaction actually occur

Question 7

Rights

Answer 7

Does the company own it (is it rightfully their asset)

Question 8

Obligations

Answer 8

Does the company owe it (is is a correctly their liability)

Question 9

Classifications

Answer 9

Is it included in the right category

Question 10

Presentations

Answer 10

Is it presented properly (disclosure)

Question 11

Authorised

Answer 11

Management authorised the transaction