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  • 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 […]