(A2)M4-M6 Flashcards
1
Q
What are the FS assertions? “COVER U”
A
Completeness (the shit has been recorded)
CutOff (recorded in proper period)
Valuation, Allocation, & Accuracy
Existence and Occurrence
Rights and Obligations (control over A, obligated to pay L)
Understandability and Classification
“COVER U”
2
Q
What are the transaction-related assertions? “A COCO”
A
Accuracy Completeness CutOff Occurrence Classification
3
Q
What are the balance-related assertions? “REV C”
A
Rights and Obligations Existence Valuation and allocation Completeness "REV C"
4
Q
What are the presentation and disclosure-related assertions? “CURV”
A
Completeness
Understandability and Classification
Rights and Obligations
Valuation and Accuracy
5
Q
What are the two factors that would bar external auditors from using the work of internal auditors as evidence or allowing them to assist?
A
High degree of subjectivity or high RoMM
