Audit Evidence (ASSERTIONS)

Question 1

What are the assertions for the Income Statement? (Events and transactions)?

Answer 1

Synonym - CCCOAP

Completeness
Cut-off
Classification
Occurrence
Accuracy
Presentation

Question 2

What is Completeness?

Answer 2

All transactions and events that SHOULD have been record HAVE been recorded, and ALL related disclosures that SHOULD have been included in the Financial Statements IS included.

Question 3

What is Occurrence?

Answer 3

The transactions and events that HAVE been record or disclosed HAVE occurred, and such transactions PERTAIN to entity.

Question 4

What is Cut-off?

Answer 4

Transactions and events that HAVE been recorded IN THE CORRECT ACCOUNTING PERIOD.

Question 5

What is Classification?

Answer 5

Transactions and events that HAVE been recorded IN THE PROPER ACCOUNTS.

Question 6

What is Accuracy?

Answer 6

Amounts and other data relating to the transaction and events HAVE been recorded APPROPRIATELY, and RELATED disclosures have been APPROPRIATELY MEASURED and DESCRIBED.

Question 7

What is Presentation?

Answer 7

Transactions and events are APPROPRIATELY AGGREGATED or DIS AGGREGATED and CLEARLY DESCRIBED, and RELATED disclosures are relevant and understandable in the context of requirement of the applicable FINANCIAL REPORTING framework.