AUDIT EVIDENCE
Understand and define the management assertions
- Representations by management, explicit or otherwise,
- that are embodied in the financial statements,
- as used by the auditor to consider the different types of potential
misstatements that may occur.
In representing that the FS are in accordance with applicable financial reporting
framework, management makes assertions regarding the recognition, measurement,
presentation and disclosure of various elements of the FS and related disclosure.
Assertions relating to classes of Assertions about account balances,
transactions and events and related and related disclosures at the period
disclosures for the period end
Occurrence: Transactions and events that Existence: Assets, liabilities and equity
have been recorded or disclosed have interest exists;
Completeness: All transactions and events Rights and obligations: The entity
that should have been recorded and all holds/controls the right to assets, and
related disclosures that should have been liabilities are the obligation of the entity;
included in the financial statements have
been included; Completeness: All assets, liabilities and
equity interest that should have been
Accuracy: Amounts and other data have recorded are recorded and all related
been recorded appropriately and related disclosures that should have been
disclosures have been appropriately
measured and described; Accuracy, valuation and allocation:
Assets, liabilities and equity interests are
Cut-off: Transactions and events have included in the financial statements at
been recorded in the correct accounting appropriate amounts and any resulting
period; valuation or allocation adjustments have
been appropriately recorded, and related
Classification: Transactions and events disclosures have been appropriately
have been recorded in the proper accounts; measured and described
Presentation: Transactions and events are Classification: assets, liabilities and equity
appropriately aggregated or disaggregated interests have been recorded in the proper
and clearly described, and related accounts
disclosure are relevant and understandable
in the context of requirements of the Presentation: Assets, liabilities and equity
applicable financial reporting framework interests are appropriately aggregated or
disaggregated and clearly described, and
related disclosures are relevant and are
appropriately aggregated or disaggregated
and clearly described, and related
disclosures are relevant and
understandable in the context of
requirements of the applicable financial
reporting framework.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sashti. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.62. You're not tied to anything after your purchase.