Audit Planning: Assertions Flashcards
1
Q
C
A
Completeness - all assets/liabilities/equity/transactions have been recorded
Cutoff - Transactions recorded in the correct period
Classification - Transactions classified correctly
2
Q
O
A
Occurence - transactions recorded have occurred
3
Q
M
A
For show
4
Q
P
A
Presentation and disclosure - presented correctly in FS with disclosures
5
Q
A
A
Accuracy/valuation - amounts recorded correctly in FS
6
Q
R
A
Rights and obligations - right to control assets/obligation to pay cash
7
Q
E
A
Existence - assets/liabilities/equity exist
