Assertions Flashcards
What does the assertion ‘Occurrence’ mean in the context of the Revenue cycle?
Transactions and events that have been recorded have occurred and pertain to the entity.
What is a typical control for the ‘Occurrence’ assertion in the Revenue cycle?
A typical control for Occurrence in the Revenue cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Occurrence’ assertion in the Revenue cycle?
Test of control for Occurrence in Revenue might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Occurrence’ assertion in the Revenue cycle?
Substantive test of details for Occurrence in Revenue includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Occurrence’ in the Revenue cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Occurrence in Revenue.
What does the assertion ‘Cutoff’ mean in the context of the Revenue cycle?
Transactions and events have been recorded in the correct accounting period.
What is a typical control for the ‘Cutoff’ assertion in the Revenue cycle?
A typical control for Cutoff in the Revenue cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Cutoff’ assertion in the Revenue cycle?
Test of control for Cutoff in Revenue might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Cutoff’ assertion in the Revenue cycle?
Substantive test of details for Cutoff in Revenue includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Cutoff’ in the Revenue cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Cutoff in Revenue.
What does the assertion ‘Accuracy’ mean in the context of the Revenue cycle?
Amounts and other data relating to recorded transactions have been recorded appropriately.
What is a typical control for the ‘Accuracy’ assertion in the Revenue cycle?
A typical control for Accuracy in the Revenue cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Accuracy’ assertion in the Revenue cycle?
Test of control for Accuracy in Revenue might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Accuracy’ assertion in the Revenue cycle?
Substantive test of details for Accuracy in Revenue includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Accuracy’ in the Revenue cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Accuracy in Revenue.
What does the assertion ‘Authorization’ mean in the context of the Revenue cycle?
All transactions and events have been properly authorized.
What is a typical control for the ‘Authorization’ assertion in the Revenue cycle?
A typical control for Authorization in the Revenue cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Authorization’ assertion in the Revenue cycle?
Test of control for Authorization in Revenue might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Authorization’ assertion in the Revenue cycle?
Substantive test of details for Authorization in Revenue includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Authorization’ in the Revenue cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Authorization in Revenue.
What does the assertion ‘Completeness’ mean in the context of the Revenue cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Revenue cycle?
A typical control for Completeness in the Revenue cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Revenue cycle?
Test of control for Completeness in Revenue might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Revenue cycle?
Substantive test of details for Completeness in Revenue includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Revenue cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Revenue.
What does the assertion ‘Occurrence’ mean in the context of the Purchases/Payables cycle?
Transactions and events that have been recorded have occurred and pertain to the entity.
What is a typical control for the ‘Occurrence’ assertion in the Purchases/Payables cycle?
A typical control for Occurrence in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Occurrence’ assertion in the Purchases/Payables cycle?
Test of control for Occurrence in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Occurrence’ assertion in the Purchases/Payables cycle?
Substantive test of details for Occurrence in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Occurrence’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Occurrence in Purchases/Payables.
What does the assertion ‘Completeness’ mean in the context of the Purchases/Payables cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Purchases/Payables cycle?
A typical control for Completeness in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Purchases/Payables cycle?
Test of control for Completeness in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Purchases/Payables cycle?
Substantive test of details for Completeness in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Purchases/Payables.
What does the assertion ‘Cutoff’ mean in the context of the Purchases/Payables cycle?
Transactions and events have been recorded in the correct accounting period.
What is a typical control for the ‘Cutoff’ assertion in the Purchases/Payables cycle?
A typical control for Cutoff in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Cutoff’ assertion in the Purchases/Payables cycle?
Test of control for Cutoff in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Cutoff’ assertion in the Purchases/Payables cycle?
Substantive test of details for Cutoff in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Cutoff’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Cutoff in Purchases/Payables.
What does the assertion ‘Authorization’ mean in the context of the Purchases/Payables cycle?
All transactions and events have been properly authorized.
What is a typical control for the ‘Authorization’ assertion in the Purchases/Payables cycle?
A typical control for Authorization in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Authorization’ assertion in the Purchases/Payables cycle?
Test of control for Authorization in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Authorization’ assertion in the Purchases/Payables cycle?
Substantive test of details for Authorization in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Authorization’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Authorization in Purchases/Payables.
What does the assertion ‘Accuracy’ mean in the context of the Purchases/Payables cycle?
Amounts and other data relating to recorded transactions have been recorded appropriately.
What is a typical control for the ‘Accuracy’ assertion in the Purchases/Payables cycle?
A typical control for Accuracy in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Accuracy’ assertion in the Purchases/Payables cycle?
Test of control for Accuracy in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Accuracy’ assertion in the Purchases/Payables cycle?
Substantive test of details for Accuracy in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Accuracy’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Accuracy in Purchases/Payables.
What does the assertion ‘Classification’ mean in the context of the Purchases/Payables cycle?
Transactions and events have been recorded in the proper accounts.
What is a typical control for the ‘Classification’ assertion in the Purchases/Payables cycle?
A typical control for Classification in the Purchases/Payables cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Classification’ assertion in the Purchases/Payables cycle?
Test of control for Classification in Purchases/Payables might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Classification’ assertion in the Purchases/Payables cycle?
Substantive test of details for Classification in Purchases/Payables includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Classification’ in the Purchases/Payables cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Classification in Purchases/Payables.
What does the assertion ‘Occurrence’ mean in the context of the Payroll cycle?
Transactions and events that have been recorded have occurred and pertain to the entity.
What is a typical control for the ‘Occurrence’ assertion in the Payroll cycle?
A typical control for Occurrence in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Occurrence’ assertion in the Payroll cycle?
Test of control for Occurrence in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Occurrence’ assertion in the Payroll cycle?
Substantive test of details for Occurrence in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Occurrence’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Occurrence in Payroll.
What does the assertion ‘Completeness’ mean in the context of the Payroll cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Payroll cycle?
A typical control for Completeness in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Payroll cycle?
Test of control for Completeness in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Payroll cycle?
Substantive test of details for Completeness in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Payroll.
What does the assertion ‘Authorization’ mean in the context of the Payroll cycle?
All transactions and events have been properly authorized.
What is a typical control for the ‘Authorization’ assertion in the Payroll cycle?
A typical control for Authorization in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Authorization’ assertion in the Payroll cycle?
Test of control for Authorization in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Authorization’ assertion in the Payroll cycle?
Substantive test of details for Authorization in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Authorization’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Authorization in Payroll.
What does the assertion ‘Accuracy’ mean in the context of the Payroll cycle?
Amounts and other data relating to recorded transactions have been recorded appropriately.
What is a typical control for the ‘Accuracy’ assertion in the Payroll cycle?
A typical control for Accuracy in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Accuracy’ assertion in the Payroll cycle?
Test of control for Accuracy in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Accuracy’ assertion in the Payroll cycle?
Substantive test of details for Accuracy in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Accuracy’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Accuracy in Payroll.
What does the assertion ‘Cutoff’ mean in the context of the Payroll cycle?
Transactions and events have been recorded in the correct accounting period.
What is a typical control for the ‘Cutoff’ assertion in the Payroll cycle?
A typical control for Cutoff in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Cutoff’ assertion in the Payroll cycle?
Test of control for Cutoff in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Cutoff’ assertion in the Payroll cycle?
Substantive test of details for Cutoff in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Cutoff’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Cutoff in Payroll.
What does the assertion ‘Classification’ mean in the context of the Payroll cycle?
Transactions and events have been recorded in the proper accounts.
What is a typical control for the ‘Classification’ assertion in the Payroll cycle?
A typical control for Classification in the Payroll cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Classification’ assertion in the Payroll cycle?
Test of control for Classification in Payroll might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Classification’ assertion in the Payroll cycle?
Substantive test of details for Classification in Payroll includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Classification’ in the Payroll cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Classification in Payroll.
What does the assertion ‘Occurrence’ mean in the context of the Inventory cycle?
Transactions and events that have been recorded have occurred and pertain to the entity.
What is a typical control for the ‘Occurrence’ assertion in the Inventory cycle?
A typical control for Occurrence in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Occurrence’ assertion in the Inventory cycle?
Test of control for Occurrence in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Occurrence’ assertion in the Inventory cycle?
Substantive test of details for Occurrence in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Occurrence’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Occurrence in Inventory.
What does the assertion ‘Completeness’ mean in the context of the Inventory cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Inventory cycle?
A typical control for Completeness in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Inventory cycle?
Test of control for Completeness in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Inventory cycle?
Substantive test of details for Completeness in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Inventory.
What does the assertion ‘Accuracy’ mean in the context of the Inventory cycle?
Amounts and other data relating to recorded transactions have been recorded appropriately.
What is a typical control for the ‘Accuracy’ assertion in the Inventory cycle?
A typical control for Accuracy in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Accuracy’ assertion in the Inventory cycle?
Test of control for Accuracy in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Accuracy’ assertion in the Inventory cycle?
Substantive test of details for Accuracy in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Accuracy’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Accuracy in Inventory.
What does the assertion ‘Cutoff’ mean in the context of the Inventory cycle?
Transactions and events have been recorded in the correct accounting period.
What is a typical control for the ‘Cutoff’ assertion in the Inventory cycle?
A typical control for Cutoff in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Cutoff’ assertion in the Inventory cycle?
Test of control for Cutoff in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Cutoff’ assertion in the Inventory cycle?
Substantive test of details for Cutoff in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Cutoff’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Cutoff in Inventory.
What does the assertion ‘Valuation/Allocation’ mean in the context of the Inventory cycle?
Assets, liabilities, and equity interests are included at appropriate amounts.
What is a typical control for the ‘Valuation/Allocation’ assertion in the Inventory cycle?
A typical control for Valuation/Allocation in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Valuation/Allocation’ assertion in the Inventory cycle?
Test of control for Valuation/Allocation in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Valuation/Allocation’ assertion in the Inventory cycle?
Substantive test of details for Valuation/Allocation in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Valuation/Allocation’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Valuation/Allocation in Inventory.
What does the assertion ‘Classification’ mean in the context of the Inventory cycle?
Transactions and events have been recorded in the proper accounts.
What is a typical control for the ‘Classification’ assertion in the Inventory cycle?
A typical control for Classification in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Classification’ assertion in the Inventory cycle?
Test of control for Classification in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Classification’ assertion in the Inventory cycle?
Substantive test of details for Classification in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Classification’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Classification in Inventory.
What does the assertion ‘Existence’ mean in the context of the Inventory cycle?
Assets, liabilities, and equity interests exist.
What is a typical control for the ‘Existence’ assertion in the Inventory cycle?
A typical control for Existence in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Existence’ assertion in the Inventory cycle?
Test of control for Existence in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Existence’ assertion in the Inventory cycle?
Substantive test of details for Existence in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Existence’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Existence in Inventory.
What does the assertion ‘Rights and obligations’ mean in the context of the Inventory cycle?
The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
What is a typical control for the ‘Rights and obligations’ assertion in the Inventory cycle?
A typical control for Rights and obligations in the Inventory cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Rights and obligations’ assertion in the Inventory cycle?
Test of control for Rights and obligations in Inventory might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Rights and obligations’ assertion in the Inventory cycle?
Substantive test of details for Rights and obligations in Inventory includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Rights and obligations’ in the Inventory cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Rights and obligations in Inventory.
What does the assertion ‘Existence’ mean in the context of the Investing cycle?
Assets, liabilities, and equity interests exist.
What is a typical control for the ‘Existence’ assertion in the Investing cycle?
A typical control for Existence in the Investing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Existence’ assertion in the Investing cycle?
Test of control for Existence in Investing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Existence’ assertion in the Investing cycle?
Substantive test of details for Existence in Investing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Existence’ in the Investing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Existence in Investing.
What does the assertion ‘Rights and obligations’ mean in the context of the Investing cycle?
The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
What is a typical control for the ‘Rights and obligations’ assertion in the Investing cycle?
A typical control for Rights and obligations in the Investing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Rights and obligations’ assertion in the Investing cycle?
Test of control for Rights and obligations in Investing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Rights and obligations’ assertion in the Investing cycle?
Substantive test of details for Rights and obligations in Investing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Rights and obligations’ in the Investing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Rights and obligations in Investing.
What does the assertion ‘Valuation/Allocation’ mean in the context of the Investing cycle?
Assets, liabilities, and equity interests are included at appropriate amounts.
What is a typical control for the ‘Valuation/Allocation’ assertion in the Investing cycle?
A typical control for Valuation/Allocation in the Investing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Valuation/Allocation’ assertion in the Investing cycle?
Test of control for Valuation/Allocation in Investing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Valuation/Allocation’ assertion in the Investing cycle?
Substantive test of details for Valuation/Allocation in Investing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Valuation/Allocation’ in the Investing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Valuation/Allocation in Investing.
What does the assertion ‘Completeness’ mean in the context of the Investing cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Investing cycle?
A typical control for Completeness in the Investing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Investing cycle?
Test of control for Completeness in Investing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Investing cycle?
Substantive test of details for Completeness in Investing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Investing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Investing.
What does the assertion ‘Existence’ mean in the context of the Financing cycle?
Assets, liabilities, and equity interests exist.
What is a typical control for the ‘Existence’ assertion in the Financing cycle?
A typical control for Existence in the Financing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Existence’ assertion in the Financing cycle?
Test of control for Existence in Financing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Existence’ assertion in the Financing cycle?
Substantive test of details for Existence in Financing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Existence’ in the Financing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Existence in Financing.
What does the assertion ‘Rights and obligations’ mean in the context of the Financing cycle?
The entity holds or controls the rights to assets, and liabilities are obligations of the entity.
What is a typical control for the ‘Rights and obligations’ assertion in the Financing cycle?
A typical control for Rights and obligations in the Financing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Rights and obligations’ assertion in the Financing cycle?
Test of control for Rights and obligations in Financing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Rights and obligations’ assertion in the Financing cycle?
Substantive test of details for Rights and obligations in Financing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Rights and obligations’ in the Financing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Rights and obligations in Financing.
What does the assertion ‘Valuation/Allocation’ mean in the context of the Financing cycle?
Assets, liabilities, and equity interests are included at appropriate amounts.
What is a typical control for the ‘Valuation/Allocation’ assertion in the Financing cycle?
A typical control for Valuation/Allocation in the Financing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Valuation/Allocation’ assertion in the Financing cycle?
Test of control for Valuation/Allocation in Financing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Valuation/Allocation’ assertion in the Financing cycle?
Substantive test of details for Valuation/Allocation in Financing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Valuation/Allocation’ in the Financing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Valuation/Allocation in Financing.
What does the assertion ‘Completeness’ mean in the context of the Financing cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Financing cycle?
A typical control for Completeness in the Financing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Financing cycle?
Test of control for Completeness in Financing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Financing cycle?
Substantive test of details for Completeness in Financing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Financing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Financing.
What does the assertion ‘Authorization’ mean in the context of the Financing cycle?
All transactions and events have been properly authorized.
What is a typical control for the ‘Authorization’ assertion in the Financing cycle?
A typical control for Authorization in the Financing cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Authorization’ assertion in the Financing cycle?
Test of control for Authorization in Financing might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Authorization’ assertion in the Financing cycle?
Substantive test of details for Authorization in Financing includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Authorization’ in the Financing cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Authorization in Financing.
What does the assertion ‘Occurrence’ mean in the context of the Cash Disbursements cycle?
Transactions and events that have been recorded have occurred and pertain to the entity.
What is a typical control for the ‘Occurrence’ assertion in the Cash Disbursements cycle?
A typical control for Occurrence in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Occurrence’ assertion in the Cash Disbursements cycle?
Test of control for Occurrence in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Occurrence’ assertion in the Cash Disbursements cycle?
Substantive test of details for Occurrence in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Occurrence’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Occurrence in Cash Disbursements.
What does the assertion ‘Completeness’ mean in the context of the Cash Disbursements cycle?
All transactions and events that should have been recorded have been recorded.
What is a typical control for the ‘Completeness’ assertion in the Cash Disbursements cycle?
A typical control for Completeness in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Completeness’ assertion in the Cash Disbursements cycle?
Test of control for Completeness in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Completeness’ assertion in the Cash Disbursements cycle?
Substantive test of details for Completeness in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Completeness’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Completeness in Cash Disbursements.
What does the assertion ‘Authorization’ mean in the context of the Cash Disbursements cycle?
All transactions and events have been properly authorized.
What is a typical control for the ‘Authorization’ assertion in the Cash Disbursements cycle?
A typical control for Authorization in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Authorization’ assertion in the Cash Disbursements cycle?
Test of control for Authorization in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Authorization’ assertion in the Cash Disbursements cycle?
Substantive test of details for Authorization in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Authorization’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Authorization in Cash Disbursements.
What does the assertion ‘Accuracy’ mean in the context of the Cash Disbursements cycle?
Amounts and other data relating to recorded transactions have been recorded appropriately.
What is a typical control for the ‘Accuracy’ assertion in the Cash Disbursements cycle?
A typical control for Accuracy in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Accuracy’ assertion in the Cash Disbursements cycle?
Test of control for Accuracy in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Accuracy’ assertion in the Cash Disbursements cycle?
Substantive test of details for Accuracy in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Accuracy’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Accuracy in Cash Disbursements.
What does the assertion ‘Cutoff’ mean in the context of the Cash Disbursements cycle?
Transactions and events have been recorded in the correct accounting period.
What is a typical control for the ‘Cutoff’ assertion in the Cash Disbursements cycle?
A typical control for Cutoff in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Cutoff’ assertion in the Cash Disbursements cycle?
Test of control for Cutoff in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Cutoff’ assertion in the Cash Disbursements cycle?
Substantive test of details for Cutoff in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Cutoff’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Cutoff in Cash Disbursements.
What does the assertion ‘Classification’ mean in the context of the Cash Disbursements cycle?
Transactions and events have been recorded in the proper accounts.
What is a typical control for the ‘Classification’ assertion in the Cash Disbursements cycle?
A typical control for Classification in the Cash Disbursements cycle includes segregation of duties, proper documentation, and periodic reviews.
What is a test of control for ‘Classification’ assertion in the Cash Disbursements cycle?
Test of control for Classification in Cash Disbursements might include observing processes, inspecting documents for evidence of review, or reperformance.
What is a substantive test of details for ‘Classification’ assertion in the Cash Disbursements cycle?
Substantive test of details for Classification in Cash Disbursements includes vouching, tracing, confirming balances, or recalculating figures.
What analytical procedures are relevant for testing ‘Classification’ in the Cash Disbursements cycle?
Analytical procedures might include ratio analysis, comparison with budget/industry, or trend analysis for Classification in Cash Disbursements.
