00:01
Complete the following chart indicating the corresponding auditing standards board assertions and whether the assertion relates to transactions, balances, or disclosures.
00:13
So the first one is existence or occurrence.
00:19
So under the call of asb assertions, we're going to separate this into existence and occurrence.
00:33
An existence falls under the category of account balance assertions.
00:39
So we're going to check the box for.
00:41
Account.
00:43
For occurrence, this is going to be transaction level assertion.
00:56
Assertions are characteristics that need to be tested to ensure financial records are correct and appropriate.
01:04
Transaction level assertions are made in relation to classes of transactions, such as revenues, expenses, dividend payments.
01:16
While account balance assertions apply to balance sheet items, these include assets, liability, shareholders, equity.
01:24
So for the next one, we have completeness.
01:26
So for asb assertions, we're going to separate that into completeness and cutoff.
01:42
So completeness will go under account balance assertions.
01:48
So we're going to check account balance.
02:01
So for cutoff, this is transaction level...