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In the audit of cash we usually test the audit assertions included in the table below.
Assertions in financial statements. Financial statement assertions also referred to as management assertions are explicit or implicit assertions a company makes concerning the fundamental accuracy of the information contained in. Audit Assertions are also known as Management Assertions and Financial Statement Assertions. 10 rows The implicit or explicit claims by the management about the preparation and appropriateness.
Financial statement assertions are nothing new Sarbanes Oxley has merely changed them from implicit to overt declarations regarding the balances and disclosures reported by management. Since financial statements cannot be held to a lie detector test to determine whether they are factual or not other methods must be used to establish the truth of the financial statements. 8 rows Audit assertions financial statement assertions or managements assertions are the claims.
Assertions in the financial statements Heading Accuracy Amounts and other data relating to the recorded transactions and events were entered appropriately. Management must now be able to articulate which assertions should be made about a particular account and what assertions each control provides coverage for. In the audit of cash we usually focus more on the existence and completeness assertions as we concern more about whether the cash does actually exist and that cash transactions.
Heading Completeness All transactions and events that needed to be entered. Disclosures are the inclusion of information in the financial statements such as furtheranalysis of the primary financial statements a statement of principal accounting policiesapplied or key assumptions relating to accounting estimates including informationrequired by law financial reporting standards or other regulations. Assertions are defined as a statement that is believed to be true by the speaker.
Heading Allocation to account Transactions and events were allocated to the correct accounts. These are an integralpart of the financial statements.
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