Question: Assertions at risk of material misstatement You have already learned that when preparing financial statements, management makes assertions about each account and the related disclosures

Assertions at risk of material misstatement You have already learned that when preparing financial statements, management makes assertions about each account and the related disclosures in the notes. Auditors then gather sufficient appropriate evidence to evaluate managements assertions. Here are the assertions by category.
Classes of Transactions and Related Disclosures
Account Balances and Related Disclosures
a. Occurrence
g. Existence
b. Completeness
h. Rights and obligations
c. Accuracy
i. Completeness
d. Cutoff
j. Accuracy, valuation and allocation
e. Classification
k. Classification
f. Presentation
l. Presentation

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