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Completeness and Existence

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Completeness and Existence

  • This topic has 6 replies, 2 voices, and was last updated 2 months ago by Kim Smith.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • November 15, 2022 at 9:24 pm #671538
    simran98
    Member
    • Topics: 17
    • Replies: 18
    • ☆

    Hi Sir

    I am getting very confused between testing completeness and existence assertions when solving questions.

    Could you please help me with the same?

    Thank you!

    November 15, 2022 at 9:30 pm #671539
    simran98
    Member
    • Topics: 17
    • Replies: 18
    • ☆

    As per my understanding, for completeness, we shall start with related documents and check if the entries have been made in the ledgers, but that does not seem to be the case everytime

    Really getting confused with this

    November 16, 2022 at 8:32 am #671571
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    Existence applies only to BALANCES … essentially assets and liabilities and you test from the SOFP “to source”.

    Completeness applies also to transactions and events and you test “from source” to the financial statements.

    November 16, 2022 at 9:45 am #671596
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    Please can you give an example “that does not seem to be the case”.

    November 18, 2022 at 8:06 pm #671821
    simran98
    Member
    • Topics: 17
    • Replies: 18
    • ☆

    I had come across an example in which it said “Cashbook should be agreed to till receipts to determine completeness”.

    So in this case should we not test till receipts to cashbook for completeness?

    This is what is confusing me

    November 18, 2022 at 8:08 pm #671822
    simran98
    Member
    • Topics: 17
    • Replies: 18
    • ☆

    The above example is to check the revenue balance

    Bascially, agreeing revenue from cashbook to till receipts to test for completeness

    November 18, 2022 at 9:28 pm #671824
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    For completeness it should be till receipts to cashbook (to cash/bank a/c in general ledger = balance in SoFP).

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