Accuracy assertion
Accuracy concerns whether amounts and other data relating to recorded transactions and events have been recorded appropriately. The auditor may recalculate amounts and compare them with source data and relevant terms. Accuracy for transaction amounts is distinct from valuation of an ending balance.
Worked example
For a sample of sales invoices, the auditor recalculates quantity multiplied by agreed unit price and compares the result with the ledger.
Common mistake
A correctly calculated invoice does not on its own establish that the sale occurred.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Direct | September 2026–June 2027 |