ISA 315 - Assertions

Question 1

State the two sections of assertions

Answer 1

• Classes of Transactions (Income statement / Statement of Financial
  Performance).
• Account Balances (Balance sheet / Statement of Financial Position).

Question 2

Discuss accuracy, valuation and allocation

Answer 2

Assets, liabilities and equity interests have been 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.

Question 3

What is existence

Answer 3

Assets, liabilities and equity interest actually exist.