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management assertion

definitions of management assertions by category

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
Created by: 202000985
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