Management Assertion to Balance-Related Audit Assertions

kevalley4's version from 2015-05-03 04:37


Question Answer
Existence Existence all recorded exsists on the balance sheet
CompletenessCompleteness- all amount that should be included have actually been included
One of five Valuation and AllocationAccurcy - amounts being included in the balance sheet are at the correct amount
Two of five Valuation and AllocationClassification - whether items included on a client's listing are included in the general leger accounts
Three of five Valuation and AllocationCutoff - determine whether transactions recorded and included in account balances in the proper period
Four of five Valuation and AllocationDetail Tie-In that detials on lists are accurately prepared, correctly added, and agree with the general leger
Five of five Valustion and AllocationRealizable Value whether an account balance has been reduced for declines from historical cost to net realizeable value or when accounting standards require fair market value accounting treatment
Rights and ObligationsRights and Obligations the company has title to all assets and on assets are pledge as collateral
Accurcy - Amounts Included are Stated at the Correct AmountsValuation and Allocation
Classification- Amounts Included in the Client's Listing are Properly ClassifedValuation and Allocation
Detail Tie-In - Details in the Account Balances agree with Related Mater File Amounts, Foot to the Total in the Account Balance, and Agree witht the Total in the general ledgerValuation and Allocation
Realizable Value - Assets are Included at the Amounts Estimated to be RealizedValustion and Allocation