What are audit assertions?

Question

Accepted Answer

Audit assertions are the claims made by management regarding the accuracy and completeness of financial statements.

Audit assertions are used by auditors to assess the risk of material misstatement in financial statements.
There are six types of audit assertions: existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure.
For example, existence assertion refers to whether the assets and liabilities actually exist, while completeness assertion refers to whether all transactions have been recorded.
Auditors use various procedures to test these assertions, such as inspection, observation, inquiry, and confirmation.
The ultimate goal of audit assertions is to provide reasonable assurance that financial statements are free from material misstatement.

Accepted Answer

Audit assertions falls under several classification including transaction,accounts balance &disclosures. They includes accuracy,classification,completeness,cutoff,existence,occupancy,rights and obligations etc..

What are audit assertions?

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