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The American Institute of Certified Public Accountants identifies the following financial statement assertions: [8] Transactions and events. Occurrence — the transactions recorded have actually taken place. Completeness — all transactions that should have been recorded have been recorded.
The auditor uses assertions in assessing risks by considering potential misstatements that may occur, and thereby designing audit procedures that are responsive to the particular risks. Assertions used by the auditor fall into the following categories: (a) Assertions about classes of transactions and events for the period ended: Occurrence
For example, an auditor may: physically examine inventory as evidence that inventory shown in the accounting records actually exists (existence assertion); inspect supporting documents like invoices to confirm that sales did occur (occurrence); arrange for suppliers to confirm in writing the details of the amount owing at balance date as evidence that accounts payable is a liability (rights ...
In this classification, a deductive-nomological (D-N) explanation of an occurrence is a valid deduction whose conclusion states that the outcome to be explained did in fact occur. The deductive argument is called an explanation , its premisses are called the explanans ( L: explaining ) and the conclusion is called the explanandum ( L: to be ...
Pete Hegseth’s name has been submitted to the FBI for a background check, his attorney told CNN Thursday, as some lawmakers call for more vetting of President-elect Donald Trump’s pick to run ...
Going for a quick walk after eating really can help improve digestion and energy, a dietitian says. Walking helps to control blood sugar levels and circulates nutrients.
Best: Nature’s Own Thick-Sliced White Bread. $2.97 . While the majority of the white bread brands I tried were extremely similar, the top two sit in a major league of their own.
In computer software testing, a test assertion is an expression which encapsulates some testable logic specified about a target under test. The expression is formally presented as an assertion, along with some form of identifier, to help testers and engineers ensure that tests of the target relate properly and clearly to the corresponding specified statements about the target.