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Can you state and explain the meaning of four assertions that relate to the direct confirmation of receivables?

Auditing Internal Audit
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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2016/02/25
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Andrei Murgea
by Andrei Murgea , MANAGER , Sarbanes Oxley Ac

Occurrence- all receivables recorded belong to the entity

Completeness-  ensure that receivables are recorded completely

Accurate- ensure that receivables are recorded correctly and any discounts rebates or other credit notes are accounted for

Cutoff- Receivables are recorded in the appropriate period 

Classification- The types of receivables have been recorded in the appropriate accounts

 

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