13) ROMM - Assertion Level Flashcards
1
Q
what is an assertion?
A
representations about the FS made by mgmt and TCWG
2
Q
how does assertion level differ from overall FS level?
A
assertion looks at specific balances and transactions within the FS
3
Q
what are the assertions for specific balances?
A
- existence
- valuation
- completeness
- classification
- presentation & disclosure
- rights and obligations
4
Q
what are the assertions for specific transactions?
A
- occurrence
- accuracy
- completeness
- classification
- presentation & disclosure
- cut-off
5
Q
occurrence?
A
transaction
6
Q
completeness?
A
both
7
Q
rights and obligations?
A
balances
8
Q
existence?
A
balances
9
Q
classification?
A
both
10
Q
presentation and disclosure?
A
both
11
Q
cut-off?
A
transactions
12
Q
valuation?
A
balances
13
Q
accuracy?
A
transactions
14
Q
what do the assertions for balances focus on?
A
assets, equity and liabilities
