Audit - Exam 1 - Assertions
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9 Terms
Occurrence
Did the recorded sale or expense actually happen? - Income Statement - Transaction
Completeness
Were all actual transactions recorded? - Income Statement - Transaction
Accuracy
Were they recorded at the right dollar amount - Income Statement - Transaction
Cutoff
Did it land in the right place? - Income Statement - Transaction
Classification
Is it in the right bucket? - Income Statement - Transaction
Existence
Does the liability actually sit there on Dec. 1? - Balance Sheet - Account Balance
Rights/Obligations
Do we actually own the asset and owe the debt? - Balance Sheet - Account Balance
Completeness
Are all year-end assets/liabilities on the sheet? - Balance Sheet - Account Balance
Valuation/Allocation
Is it valued right? - Balance Sheet - Account Balance