rando Flashcards by Hamish Annan

Q

What are the two main levels of audit assertions?

A

Transaction level and account balance level.

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Q

Name the 5 transaction-level assertions.

A

Occurrence

Completeness

Accuracy

Cut-off

Classification

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Q

Name the 4 account balance assertions.

A

Existence

Rights and obligations

Completeness

Valuation and allocation

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