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Thread: Assertions

  1. #1
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    Post Assertions

    The financial statement assertions in ISA500 says that they fall into three classes:

    1. Classes of transactions
    2. Account balances
    3. Presentation & Disclosure
    --------------------------------------------
    Financial statements are a summary of managements assertions.

    Types of assertions are

    Completeness, Cutoff, Classification
    Occurrence
    Measurement
    Presentation and disclosure
    Accuracy
    Rights and obligations
    Existence

    These make the word COMPARE. (Mnemonics)

    ISA 500, Audit evidence divides assertions into
    Transactions and events
    Account balances
    Presentation and disclosure

    If it relates to a transaction, then verify whether the existing controls will affect the assertions of:
    COACC
    COACC = Completeness, Ocuurence, Accuracy, Cutoff and Classification

    If it relates to a year end balance then verify whether the existing controls will affect the assertions of:
    CMRECC
    CMRECC = Completeness, Measurement, Rights and Obligations, Existance, Cutt-off, Classification

    If it relates to the disclosures in the FS then verify whether the existing controls will affect the assertions of:
    COMPAC
    COMPAC = Completeness, Occurrence, Measurement, Presentation, Accuracy, Classification

  2. #2
    Les
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    Thank you.

  3. #3
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    Default Thanks

    Thanks again for ur post. lots of useful assertions.

  4. #4
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    i think 'measurement' is replaced by 'valuation and allocation'. can anyone confirm this?

  5. #5
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    Thank you.

  6. #6
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    great overview idea for everyone

  7. #7
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    Thank you.

  8. #8
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    thanks for sharing your precious knowledge!! ^o^
    it's very useful!

  9. #9
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    Thank you. That's all nicely in the nutshell.

  10. #10
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    greaat idea! i found assertions really hard to memorise

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