378(assertions and control objectives

Question 1

Control Objectives

Answer 1

Validity
Accuracy
Completeness

Question 2

Validity

Answer 2

Correct period
Occurred
authorised
Supporting documents

Question 3

Accuracy

Answer 3

All transactions
Correct period
No transaction ommited

Question 4

Completeness

Answer 4

Correct amount
Correct account
Correct Classified

Question 5

Assertions relating to classes of transactions and events and related disclosures for the period:

Answer 5

1. Occurrence
2. Completeness
3. Accuracy
4. Cut off
5. Classification
6. Presentation

Question 6

Assertions about account balances, and related disclosures at the period end

Answer 6

1. Existence
2. Completeness
3. Accuracy, valuation, allocation(AVA)
4. Obligations and Rights
5. Presentation
6. Classification

Question 7

Occurrence (Transactions)

Answer 7

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

Question 8

Completeness (Transactions)

Answer 8

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 9

Accuracy (Transactions)

Answer 9

Amounts and other data have been recorded appropriately and related disclosures have been appropriately measured and described.

Question 10

Cut-off (Transactions)

Answer 10

Transactions and events have been recorded in the correct accounting period.

Question 11

Classification (Transactions)

Answer 11

Transactions and events have been recorded in the proper accounts.

Question 12

Presentation (Transactions)

Answer 12

Transactions and events 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.

Question 14

Rights and obligation (Balance)

Answer 14

The entity holds or controls the right to assets, and liabilities are the obligation of the entity.

Question 15

classification (Balance)

Answer 15

Assets, liabilities, and equity interests have been recorded in the proper accounts.

Question 16

Presentation (Balance)

Answer 16

Assets, liabilities and equity interests 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

Question 17

Existence: (Balance)

Answer 17

Assets liabilities and equity interest exists

Question 18

Completeness: (Balance)

Answer 18

All assets, liabilities and equity interest that should have been recorded are recorded and all related disclosures that should have been included in the financial statements have been included

Question 19

Accuracy, valuation and allocation: (Balance)

Answer 19

Assets, liabilities and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments have been appropriately recorded, and related disclosures have been appropriately measured and described