Outrageous Auditors Consider Financial Statement Assertions

Audit Assertions are the implicit or explicit claims and representations made by the management responsible for the preparation of financial statements regarding the appropriateness of the various elements of financial statements and disclosures. All businesses make assertions in their financial statements. Risk of material misstatement in the audit of financial statements or the risk associated with the control in the audit of internal control over financial reporting.

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The moment the financial statements are produced the assertions or the claims of management also exist eg all items in the income statement are assured to be complete and accurate etc.

Auditors consider financial statement assertions. Auditors consider financial statement assertions to identify appropriate audit procedures. Auditors consider financial statement assertions to identify appropriate audit procedures. For example ordinarily more evidence is needed to respond to significant risks.

They may be explicit ie stated directly or. Financial statement assertions are claims made by an organizations management regarding its financial statements. Auditors use the financial statements assertions to assess the risk of material misstatements and designing and performing audit procedures to form audit opinion.

This information is used by a wide range of stakeholders eg investors in making economic decisions. The existence assertion is that any assets and liabilities recorded in the financial statements actually exist. Purpose of a financial statement audit Companies produce financial statements that provide information about their financial position and performance.

And disclosures and related assertions. Typically those that own a company the shareholders are not those that manage it. Audit Assertions are also known as Management Assertions and Financial Statement Assertions.

When a companys financial statements are audited the principal element an auditor reviews is the reliability of the financial statement assertions. Auditors consider financial statements assertions to identify appropriate audit procedures. Assertions Transactions include sales purchases and wages paid during the accounting period.

Existence and occurrence d. Similarly it includes a claim that there is no overstatement in reporting these items. The assertions form a theoretical basis from which external auditors develop a set of audit procedures.

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