i) Assertion used by the auditor about account balances at the period end.
Completeness: Ensure that the balances have been disclosed in the hooks or accounts
completely.
Accuracy: Obtain evidence that the accounts balances have been recorded accurately.
Rights and obligations. Ensures that the assets are the rights of the business and liabilities are
its obligations.
Existence; this is a representation by management that assets recorded and presented in the
financial statements actually do exist.
ii) Assertions about presentation and disclosures.
Cut off: Ensures that all the disclosures in the financial statements are related to the period in
which they are incurred and that no part of the disclosure have been done twice.
Completeness: Confirm that all assets and liabilities have been recorded and disclosed
completely.
Rights and obligations: Assets are the rights of the entity and liabilities arc the obligations of
the business.
Valuations: Ensure that assets and liabilities have been fairly valued.
Kavungya answered the question on May 14, 2019 at 14:01
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