Assertions at transaction level ?

Question

Accepted Answer

Assertions at transaction level refer to validating the accuracy and completeness of individual transactions.

Assertions at transaction level involve ensuring that each transaction is recorded accurately and completely.
Examples of assertions at transaction level include verifying that all necessary information is included in a sales invoice, confirming that the correct amount is recorded in a purchase order, and ensuring that all transactions are properly authorized.
These assertions help to maintain the integrity of financial data and prevent errors or fraud.
Auditors often test assertions at transaction level by examining supporting documentation and performing analytical procedures.

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