The audit of assertions

The audit of assertions

ISA 315 Audit Assertion

Audit procedures are performed in order to test financial statement assertions.

Therefore, the first step in explaining an audit procedure is to identify the assertion

that needs to be tested.

Assertions are claims that establish whether or not financial statements are true and fairly represented in the process of auditing.

Types of Assertion

The assertions embodied in the financial statements, as used by the auditor to

consider the different types of potential misstatements that may occur, may take the

following forms:

Assertions about classes of transactions and events and related disclosures for the period under audit

(i) Occurrence – the transactions and events that have been recorded or disclosed have occurred, and such transactions and events pertain to the entity.

(ii) Completeness – all transactions and events that should have been recorded have been recorded, and all related disclosures that should have been included in the financial statements have been included.

(iii) Accuracy – amounts and other data relating to recorded transactions and events have been recorded appropriately, and related disclosures have been appropriately measured and described.

(iv) Cut–off – transactions and events have been recorded in the correct accounting period.

(v) Classification – transactions and events have been recorded in the proper accounts.

(vi) Presentation – transactions and events are appropriately aggregated or disaggregated and clearly described, and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework.

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