AUDIT EVIDENCE
Understand and define the management assertions
- Representations by management, explicit or otherwise,
- that are embodied in the financial statements,
- as used by the auditor to consider the different types of potential
misstatements that may occur.
In representing that the FS are in accordance with applicable financial reporting
framework, management makes assertions regarding the recognition, measurement,
presentation and disclosure of various elements of the FS and related disclosure.
Assertions relating to classes of Assertions about account balances,
transactions and events and related and related disclosures at the period
disclosures for the period end
Occurrence: Transactions and events that Existence: Assets, liabilities and equity
have been recorded or disclosed have interest exists;
Completeness: All transactions and events Rights and obligations: The entity
that should have been recorded and all holds/controls the right to assets, and
related disclosures that should have been liabilities are the obligation of the entity;
included in the financial statements have
been included; Completeness: All assets, liabilities and
equity interest that should have been
Accuracy: Amounts and other data have recorded are recorded and all related
been recorded appropriately and related disclosures that should have been
disclosures have been appropriately
measured and described; Accuracy, valuation and allocation:
Assets, liabilities and equity interests are
Cut-off: Transactions and events have included in the financial statements at
been recorded in the correct accounting appropriate amounts and any resulting
period; valuation or allocation adjustments have
been appropriately recorded, and related
Classification: Transactions and events disclosures have been appropriately
have been recorded in the proper accounts; measured and described
Presentation: Transactions and events are Classification: assets, liabilities and equity
appropriately aggregated or disaggregated interests have been recorded in the proper
and clearly described, and related accounts
disclosure are relevant and understandable
in the context of requirements of the Presentation: Assets, liabilities and equity
applicable financial reporting framework interests are appropriately aggregated or
disaggregated and clearly described, and
related disclosures are relevant and are
appropriately aggregated or disaggregated
and clearly described, and related
disclosures are relevant and
understandable in the context of
requirements of the applicable financial
reporting framework.
Understand and define the management assertions
- Representations by management, explicit or otherwise,
- that are embodied in the financial statements,
- as used by the auditor to consider the different types of potential
misstatements that may occur.
In representing that the FS are in accordance with applicable financial reporting
framework, management makes assertions regarding the recognition, measurement,
presentation and disclosure of various elements of the FS and related disclosure.
Assertions relating to classes of Assertions about account balances,
transactions and events and related and related disclosures at the period
disclosures for the period end
Occurrence: Transactions and events that Existence: Assets, liabilities and equity
have been recorded or disclosed have interest exists;
Completeness: All transactions and events Rights and obligations: The entity
that should have been recorded and all holds/controls the right to assets, and
related disclosures that should have been liabilities are the obligation of the entity;
included in the financial statements have
been included; Completeness: All assets, liabilities and
equity interest that should have been
Accuracy: Amounts and other data have recorded are recorded and all related
been recorded appropriately and related disclosures that should have been
disclosures have been appropriately
measured and described; Accuracy, valuation and allocation:
Assets, liabilities and equity interests are
Cut-off: Transactions and events have included in the financial statements at
been recorded in the correct accounting appropriate amounts and any resulting
period; valuation or allocation adjustments have
been appropriately recorded, and related
Classification: Transactions and events disclosures have been appropriately
have been recorded in the proper accounts; measured and described
Presentation: Transactions and events are Classification: assets, liabilities and equity
appropriately aggregated or disaggregated interests have been recorded in the proper
and clearly described, and related accounts
disclosure are relevant and understandable
in the context of requirements of the Presentation: Assets, liabilities and equity
applicable financial reporting framework interests are appropriately aggregated or
disaggregated and clearly described, and
related disclosures are relevant and are
appropriately aggregated or disaggregated
and clearly described, and related
disclosures are relevant and
understandable in the context of
requirements of the applicable financial
reporting framework.
