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What are Audit Financial statement Assertions?

Auditing
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Question added by Sohail Lone , Assistant Manager Audit , Deloitte - United Arab Emirates
Date Posted: 2015/08/20
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Haris Junaid
by Haris Junaid , Senior Consultant , KPMG Lower Gulf

Audit Financial statements assertions are:

 

Balance Sheet:

Existence

Occurrence

Rights and Obligation

Valuation and Allocation

 

For Profit and loss:

Occurrence

Completeness

Cutoff

Accuracy

Classification

 

For Disclosures Notes:

Completeness

Accuracy and Valuation

Classification

Rights and Obligation

Occurrence

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