What are the Audit ascrtions?

Question

Accepted Answer

Audit assertions are the set of statements that are used by auditors to assess the accuracy and completeness of financial statements.

Existence: assets and liabilities exist at a given date
Completeness: all transactions and accounts that should be presented are included
Accuracy: amounts and other data relating to recorded transactions and events have been recorded appropriately
Valuation and allocation: assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded
Rights and obligations: the entity holds or controls the rights to assets, and liabilities are the obligations of the entity
Presentation and disclosure: the components of the financial statements are properly classified, described, and disclosed

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