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Completeness assertion- testing understatment

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Completeness assertion- testing understatment

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by Kim Smith.
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  • August 26, 2021 at 5:24 am #632953
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    maam to test understatement we need to check the completeness assertion, which involves tracing a sample form OUTSIDE the system through to its inclusion in the system.

    however as far testing completeness of sales/trade receivables is concerned we check the GDNs and agree it to sales invoice through to its inclusion in the sales day book/TRs ledger.

    now these GDNs are not from outside the entity, they are prepared by the entity itself, so then how is it valid?

    August 26, 2021 at 8:01 am #632989
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6089
    • ☆☆☆☆☆

    Outside the ACCOUNTING records – not outside the entity.

    To answer the Q “is revenue complete?” you ask “has every goods despatch been invoiced?”

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