Identifying FS Assertions effectively

This topic has 1 reply, 2 voices, and was last updated 9 years ago by Ken Garrett.

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May 15, 2016 at 6:29 pm #315066
riverstixx
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I’m having real problems identifying what assertions I am dealing with on particular audit procedures! Are there any brief tips anyone has for knowing when you are testing for occurrence, completeness and Accuracy (seems to be the 3 main ones I have trouble with). Are there specific documents that are used that can determine the difference in the sales/receivables process and purchase/Payables process?
May 15, 2016 at 7:57 pm #315224
Ken Garrett
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No specific approaches.
Completeness: has something been left out.
Occurence: did a transaction or event happened that is in the F8 actually happened?
Accuracy: assuming the transaction occurred, has it been accurately recorded?
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