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4 Cards in this Set
- Front
- Back
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What do we use assertions for? |
Evaluate risk of material misstatement and design audit procedures |
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Account level assertions (balance sheet) 4 |
- Existence - completeness - rights and obligations - valuation |
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Assertions for classes of transactions (income statement) 5 |
- occurence - completeness - accuracy - cut-off - Classification |
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Assertions for presentation and disclosure 7 |
- occurence - Rights and obligations - completeness - classification - Understandability - accuracy - valuation |
