definitions of management assertions by category
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| Transactions and events that have been recorded have occurred and pertain to the entity (sometimes referred to as validity) | Occurrence | ||||
| All transactions and events that should have been recorded have been recorded | Completeness | ||||
| All transactions and events that should have been properly authorized | Authorization | ||||
| Amounts and other data relating to recorded transactions and events have been recorded appropriately and properly accumulated from journals and ledgers. | Accuracy | ||||
| Transactions and events have been recorded in the correct accounting period | Cutoff | ||||
| Transactions and events have been recorded in the proper accounts | Classification | ||||
| Assets, Liabilities, and equity interests exist | Existence | ||||
| The entry holds or controls the right to assets, and liabilities are the obligations of the entity. | Rights and obligations | ||||
| All assets, liabilities and equity interests that should have been recorded have been recorded. | Completeness | ||||
| Assets, liabilities, and equity interest are included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments are appropriately recored | Valuation and Allocation | ||||
| Disclosed events, transactions, and other matters have occurred and pertain to the entity. | Occurrence and rights and disclosure | ||||
| All disclosures that should have been included in the financial statements have been included | Completeness | ||||
| Financial information is appropriately presented and described, and disclosures are clearly expressed | Classification and understandability | ||||
| Financial and other information are disclosed fairly and at appropriate amounts | Accuracy and valuation |
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Created by:
John Bianchi
on 2010-09-13