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A useful way to think about the assertions is: Classes of transactions - assertions pertaining to the income statement (profit and loss account) Account balances - assertions pertaining to statement of financial position (balance sheet) Presentation and disclosure - speaks for itself. So when there is a figure for an expense in the income statement, the auditor needs to check that: > The expenses occurred and relates to the entity > The expense amount is complete i.e. all expenses have been recorded/accrued > The amount is accurate > The cut-off is correct (for example purchases/inventory) > The expense has been properly classified
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Assertions about classes of transactions and events?
state the assertions for class of transactions
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