complete solution 2025/2026
Existence - correct answer ✔Do the assets recorded really exist?
Physical presence of assets
Occurrence - correct answer ✔Did the recorded sales transactions really occur?
Client shipping documents
Completeness - correct answer ✔Are the financial statements(including footnotes) complete?
Docs prepped by the client
Cutoff - correct answer ✔Were all transactions recorded in the proper period?
Client receiving, shipping reports
Rights and Obligations - correct answer ✔Does the entity really own the assets? Are related legal
responsibilities identified?
Statements by independent parties
Valuation or allocation - correct answer ✔Are the accounts valued correctly?