Assertions for Payroll Expenses and Payroll-Related Accruals Flashcards Preview

Auditing and Attestation > Assertions for Payroll Expenses and Payroll-Related Accruals > Flashcards

Flashcards in Assertions for Payroll Expenses and Payroll-Related Accruals Deck (14)
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1

Assertions about Classes of Transactions and Events - Occurrence

Payroll transactions and events are valid.

2

Assertions about Classes of Transactions and Events - Completeness

All payroll transactions and events have been recorded.

3

Assertions about Classes of Transactions and Events - Authorization

All payroll transactions and events are properly authorized.

4

Assertions about Classes of Transactions and Events - Accuracy

Payroll transactions have been properly computed and recorded.

5

Assertions about Classes of Transactions and Events - Cutoff

Payroll expense and related accruals are recorded in the correct accounting period.

6

Assertions about Classes of Transactions and Events - Classification

Payroll expenses and related accruals have been recorded in the proper accounts.

7

Assertions about Account Balances at Period End - Existence

Payroll expense is a valid expense and related accruals are valid liabilities

8

Assertions about Account Balances at Period End - Rights and obligations

The payroll-related accruals are the obligations of the entity

9

Assertions about Account Balances at Period End - Completeness

All payroll expense and related accruals have been recorded

10

Assertions about Account Balances at Period End - Valuation and allocation

Payroll expense and related accruals are included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments are appropriately recorded

11

Assertions about Presentation and Disclosure - Occurrence and rights and obligations

All disclosed events, transactions, and other matters relating to payroll expense and related accruals have occurred and pertain to the entity

12

Assertions about Presentation and Disclosure - Completeness

All disclosures relating to payroll expense and related accruals that should have been included in the financial statements have been included

13

Assertions about Presentation and Disclosure - Classification and understandability

Financial information relating to payroll expense and related accruals is appropriately presented and described, and disclosures are clearly expressed

14

Assertions about Presentation and Disclosure - Accuracy and valuation

Financial and other information relating to payroll expense and related accruals are disclosed fairly and in appropriate amounts