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Auditing and Attestation > Assertions > Flashcards

Assertions Flashcards

0
Q

Credit approval

A

Valuation & accuracy

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1
Q

Inspecting

A

Completeness

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2
Q

Recomputing

A

Valuation & accuracy

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3
Q

Matching

A

Valuation & accuracy

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4
Q

Validity

A

Existence

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5
Q

Restrictions on RE

A

Understandability & classification

Presentation & disclosure

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6
Q

Transfers between categories of invesents

A

Classification.

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7
Q

Has been properly recorded

A

Accuracy

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8
Q

Obsolete or slow moving inventory

A

Valuation & allocation

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9
Q

Revenue (usually overstayed)

A

Existence

DOES THIS REVENUE ACTUALLY EXIST

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10
Q

Expenses (usually understated)

A

Complete

ARE ALL EXPENSES RECORDED

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11
Q

Observe

A

Existence

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12
Q

Inquire

A

P&D

R&O

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13
Q

Inspect

A

P&D
R&O
Classification

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14
Q

Observe

A

Exist

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15
Q

Vouch

A

Existence

Occurrence

16
Q

Confirm

A

Existence

Occurrence

17
Q

Cutoff

A

Completeness

18
Q

AP

A

Completeness

19
Q

Trace

A

Completeness

20
Q

Reconcile

A

Valuation

21
Q

Is it worth what the FS says?

A

Valuation & allocation

22
Q

The price is right!

Costs, valuation, price

A

Valuation & allocation

23
Q

Is it there? Do the records match the warehouse?

A

Existence

24
Q

Do the numbers show the whole amount of inventory?

A

Completeness

25
Q

Under statements

A

Completeness

26
Q

AR balances

A

Rights & obligations

Existence

27
Q

Completeness of AP - use:

A

Vendors with whom entity had previously done business

28
Q

Completeness for inventory

A

Cutoff procedures for shipping & receiving

29
Q

Are investments properly described and classified

A

Class & understand

Transfers from current to noncurrent portfolio

30
Q

Do recorded investments rep invesents actually owned?

A

R&O

Confirmations

31
Q

AR reps all amts owed to entity at BS date

A

Completeness

Sales cut offs

32
Q

AR at NRV

A

Valuation

Review aged trial balance

33
Q

Review of subsequent events

A

Valuation, allocation, accuracy
Completeness
R&O

Auditing and Attestation (10 decks)

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