Audit Evidence - Concepts & Standards Flashcards Preview

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Flashcards in Audit Evidence - Concepts & Standards Deck (4)
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1

Three Categories of Management Assertions

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

2

4 assertions for "Account Balances at Period End"

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

3

4 assertions for "Presentation and Disclosure"

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

4

5 assertions for "Classes of Transactions & Events"

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