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14 Cards in this Set
- Front
- Back
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definitions of management assertions by category assertions about classes of transactions and events for the period under audit occurrence |
transactions and events that have been recorded have occurred and pertain to the entity |
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completness |
all transactions and events that should have been recorded have been recorded |
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authorization |
all transactions and events have been properly authorized |
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accuracy |
amounts and other data relating to recorded transactions and events have been recorded appropriately |
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cutoff |
transactions and events have been recorded in the correct accounting period |
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classification |
transactions and events have been recorded in the proper accounts |
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assertions about account balances at the period end existence |
assets, liabilities, and equity interest exists |
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rights and obligations |
the entity holds or control the rights to assets, and liabilities are the obligations of the entity |
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completness |
all assets, liabilities, and equity interests that should have been recorded have been recorded |
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valuation and allocation |
assets, liabilities, and equity interest are included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments are appropriately recorded |
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assertions about presentation and disclosure occurrence and rights and obligations |
disclosed events, transactions, and other matters have occurred and pertain to the entity |
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completness |
all disclosures that should have been included in the financial statements have been included |
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classification and understandability |
financial information is appropriately presented and described, and disclosures are clearly expressed |
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accuracy and valuation |
financial and other information is disclosed fairly and in appropriate amounts |
