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List and describe SIX financial statement assertions, other than completeness, used by auditors in the audit of financial statements.

      

List and describe SIX financial statement assertions, other than completeness, used by auditors
in the audit of financial statements.

  

Answers


Wilfred
Six financial statement assertions
i. Existence: an asset, liability or equity interest exists;
ii. Cut off: transactions and events have been recorded in the correct accounting period;
iii. Occurrence: a transaction or event that has been recorded took place and pertains to
the entity during the period;
iv. Accuracy and valuation: financial and other information is disclosed fairly and at
appropriate amounts;
v. Rights and obligations: the entity holds or controls the rights to assets, and liabilities or
obligations of the entity; and
vi. Classification: transactions and events have been recorded in the proper accounts.
Wilfykil answered the question on April 12, 2019 at 07:59


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