Management's Assertions

Question 1

13 Management Assertions

Answer 1

U-PERCV

Understandability & Classification
Presentation & Disclosure
Existence or Occurrence
Rights & Obligations
Completeness & Cutoff
Valuation, Allocation, & Accuracy

Question 2

Objective of Audit

Answer 2

Corroborate Management Assertions (Material) by doing SUB testing

Question 3

2 types of audit procedures

Answer 3

TD & AP
Test of Detail
Analytical Procedures

Question 4

Analytical Procedures

Answer 4

Data Comparison and Relationships
Ratio Analysis

Substantive procedures are REQURIED for each material transaction class, account balance, and disclosure item

Question 5

Audit Procedures, acts to be preformed, are used as…

Answer 5

Risk Assessment Procedures

Tests of Controls

Substantive Procedures (I-CORRIIA)

Question 6

Three Main Categories of 13 Management Assertions

Answer 6

Assertions about CLASSES OF TRANSACTIONS AND EVENTS for period under audit

Assertions about ACCOUNT BALANCES at the period end

Assertions about PRESENTATION AND DISCLOSURE

Question 7

Classes of Transactions and Events

Answer 7

1 of 3 Main Categories of U-PERCV

CPA-CO
Completeness
Period Cutoff
Accuracy
Classification
Occurrence

Question 8

Account Balances at Year End

Answer 8

1 of 3 Categories of U-PERCV

RACE
Rights and Obligations
Allocation and Valuation
Completeness
Existence

Question 9

Presentation & Disclosures

Answer 9

1 of 3 Categories of U-PERCV

RACU
Rights and Obligations and Occurrence
Accuracy and Valuation
Completeness
Understandability