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  2. Management assertions - Wikipedia

    en.wikipedia.org/wiki/Management_assertions

    Management assertions or financial statement assertions are the implicit or explicit assertions that the preparer of financial statements is making to its users.These assertions are relevant to auditors performing a financial statement audit in two ways.

  3. ISA 500 Audit Evidence - Wikipedia

    en.wikipedia.org/wiki/ISA_500_Audit_Evidence

    The assertions are not individually assessed but quite often at the same time. For example, to ensure completeness of electricity expense, the auditor ensures the 12 months of payments were booked. Since the client may record the bills paid on a cash basis, electricity expense of a month of previous basis period might be entered in the current ...

  4. Completeness (knowledge bases) - Wikipedia

    en.wikipedia.org/wiki/Completeness_(knowledge_bases)

    In data management, completeness is metaknowledge that can be asserted for parts of the KB via completeness assertions. [1] [2] As example, a knowledge base may contain complete information for predicates R and S, while nothing is asserted for predicate T. Then consider the following queries:

  5. Audit substantive test - Wikipedia

    en.wikipedia.org/wiki/Audit_substantive_test

    Substantive procedures (or substantive tests) are those activities performed by the auditor to detect material misstatement at the assertion level. [1]Management implicitly assert that account balances and disclosures and underlying classes of transactions do not contain any material misstatements: in other words, that they are materially complete, valid and accurate.

  6. Percentage-of-completion method - Wikipedia

    en.wikipedia.org/wiki/Percentage-of-Completion...

    Now, after the first year we see that total cost incurred in this first year is $3,000. So according to the percentage-of-completion method: Cost percentage = 3000/10000 = 30%; so we will recognize 30% revenue in the income statement for the first year. Income statement of AnantPurohit corporation Pvt. Ltd. for the year ended on xx/yy/zzzz:

  7. Generally Accepted Accounting Principles (United States)

    en.wikipedia.org/wiki/Generally_Accepted...

    Revenue recognition principle: holds that companies should record revenue when earned but not when received. The flow of cash does not have any bearing on the recognition of revenue. This is the essence of accrual basis accounting. Conversely, however, losses must be recognized when their occurrence becomes probable, whether or not it has ...

  8. Western Digital (WDC) Q1 2025 Earnings Call Transcript - AOL

    www.aol.com/western-digital-wdc-q1-2025...

    Western Digital delivered revenue of $4.1 billion, non-GAAP gross margin of 38.5%, and non-GAAP earnings per share of $1.78. ... Through meticulous planning and project management, this massive ...

  9. Audit working papers - Wikipedia

    en.wikipedia.org/wiki/Audit_working_papers

    Audit working papers are the documents which record during the course of audit evidence obtained during financial statements auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide the assurance that the audit was performed in ...