1.3 - Assertions about Classes of Transactions and Events, and Related Disclosures

Question 1

Occurence

Answer 1

Transactions and events that have been recorded or disclosed have occurred and such transactions and events pertain to the entity

Question 2

Completeness

Answer 2

All transactions and events that should have been recorded have been recorded, and all related disclosures that should have been included in the financial statements have been included

Question 3

Accuracy

Answer 3

Amounts and other data relating to recorded transactions and events have been recorded appropriately, and related disclosures have been appropriately measured and described

Question 4

Cut-off

Answer 4

Transactions and events have been recorded in the correct accounting period

Question 5

Classification

Answer 5

Transactions and events have been recorded in the proper accounts

Question 6

Presentation

Answer 6

Transactions and events are appropriately aggregated or disaggregated and clearly described, and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework