1
Q
what is an assertion?
A
representations about the FS made by mgmt and TCWG
2
Q
how does assertion level differ from overall FS level?
A
assertion looks at specific balances and transactions within the FS
3
Q
what are the assertions for specific balances?
A
- existence
- valuation
- completeness
- classification
- presentation & disclosure
- rights and obligations
4
Q
what are the assertions for specific transactions?
A
- occurrence
- accuracy
- completeness
- classification
- presentation & disclosure
- cut-off
5
Q
occurrence?
A
transaction
6
Q
completeness?
A
both
7
Q
rights and obligations?
A
balances
8
Q
existence?
A
balances
9
Q
classification?
A
both
10
Q
presentation and disclosure?
A
both
11
Q
cut-off?
A
transactions
12
Q
valuation?
A
balances
13
Q
accuracy?
A
transactions
14
Q
what do the assertions for balances focus on?
A
assets, equity and liabilities
2022 - GAA II
flashcards
Decks in class (21)
# Cards
-
1) Pre-engagement29
-
2) Companies Act64
-
3) Companies Regulations & APA6
-
4) Ethics - King IV16
-
5) Ethics - CPC27
-
6) CPC - Part 239
-
7) CPC - Part 335
-
8) CPC - Part 45
-
9) King IV44
-
10) Internal Control18
-
11) Planning Materiality28
-
12) ROMM - Overall Level24
-
13) ROMM - Assertion Level14
-
14) Audit Strategy, Approach & Plan26
-
15) Tests of Controls13
-
16) General Substantive Procedures25
-
17) Substantives: Revenue, TR9
-
19) Substantives: Trade Payables10
-
21) Experts, CAATs, Subsequent Events18
-
22) Going Concern13
-
23) Evaluation and Conclusion9
