What are assertions?

Question

Accepted Answer

Assertions are statements made by management regarding financial information and internal controls.

Assertions are used in auditing to evaluate the accuracy and completeness of financial statements.
There are three categories of assertions: existence, completeness, and accuracy.
Examples of assertions include the existence of assets, completeness of transactions, and accuracy of financial information.
Auditors use assertions to design audit procedures and evaluate the effectiveness of internal controls.
Assertions are an important tool for auditors to ensure the reliability of financial information.