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as a general comment, when texts are listing the audit procedures, they usually mention the assertion being tested. but sometimes they dont. i guess they assume its obvious but since i am doing self study, i will reproducing those procs and what i think the assertion is just to be sure.
1. obtain an aged receivable listing, cast it to verify its arithmetic accuracy and agree the total to the FS.
assertion here is Accuracy?
thank u
Accuracy is not an assertion relating to account balances (though I have never understood why!).
Aged listing is do do with valuation as old debts are less likely to be recoverable.
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