What assertions are included in the presentation and disclosure level of assertions?
Presentation and disclosure related to the actual financial statements. Basically, the audit team needs to make sure that the financial statements address each of the four key assertions listed in the visual below:
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You might also be interested in... What are the assertions for the transaction & events level?
The transaction & events assertions relate to the income statement and the activity throughout the year. The five key assertions include occurrence, completeness, accuracy, cutoff, and classification.
What assertions are included in the account balance category?
The account balance category addresses the balance sheet. The four assertions included in this category are occurrence, rights & obligations, completeness, and valuation & allocation.
What are the different audit assertions?
The three main levels are transactions & events (income statement activity) account balances (balance sheet activity), and then presentation & disclosure (information in the financial statements). Each of these assertion levels have management assertions that are important and should be interpreted in a specific manner. 1) Transaction & Events: The transaction & events assertions relate...
What are the assertions for the transaction & events level?
The transaction & events assertions relate to the income statement and the activity throughout the year. The five key assertions include occurrence, completeness, accuracy, cutoff, and classification.
What assertions are included in the account balance category?
The account balance category addresses the balance sheet. The four assertions included in this category are occurrence, rights & obligations, completeness, and valuation & allocation.
What are the different audit assertions?
The three main levels are transactions & events (income statement activity) account balances (balance sheet activity), and then presentation & disclosure (information in the financial statements). Each of these assertion levels have management assertions that are important and should be interpreted in a specific manner. 1) Transaction & Events: The transaction & events assertions relate...
