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Assertions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Assertions

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • February 9, 2019 at 5:53 pm #504580
    vavneetb
    Participant
    • Topics: 175
    • Replies: 123
    • ☆☆☆

    Payable, intangible asset and director emoluments- what assertions we can use? And how do we know classes of transaction, disclosure or events include payable, receivables, non current assets etc?

    February 10, 2019 at 9:02 am #504610
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    The AA syllabus is mostly about an audit of “general purpose financial statements”. Progression to AA assumes that a student sat and passed FA (F3) or was exempt from it by virtue of a degree or another qualification. I recommend that you download the FA notes for reference https://opentuition.com/acca/fa/acca-financial-accounting-fa-notes/

    The audit of cash flow statements and groups is not examinable in AA, but you must thoroughly understand the SoPL and SoFP. Transactions are exchanges for cash or on credit terms and class is simply the grouping of like items. So “classes of transactions” include sales and receipts, purchases (of PPE and services, not just goods) and payments. The relevant assertions are listed in s.2 of Chapter 16. These assertions also apply to classes of transactions that are disclosed rather than shown in the SoPL (e.g. directors’ remuneration disclosed in the notes because in the SoPL it will have been analysed and included in selling, distribution and admin costs).

    Account balances are all the items in the SoFP – non-current assets (PPE and intangibles), inventory, cash, receivables and prepayments, provisions, payables and accrued expenses, share capital reserves. The relevant assertions are listed in s.3 of Chapter 16.

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