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AUD 3 Internal Control 3 Flashcards

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1
Q

Internal Control

There are several ass____ns, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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2
Q

Internal Control

There are several assertions, some of which ov____p one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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3
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to E___ts and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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4
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Tr_______ns that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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5
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the pe____ of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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6
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occ___ed during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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7
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of au___,

as generally presented on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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8
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s i_______ statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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9
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income st________t (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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10
Q

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally pre____ed on an entity’s income statement (CPA-CO).

A

Internal Control

There are several assertions, some of which overlap one another, classified into 3 categories.

The first 5 assertions relate to Events and Transactions that occurred during the period of audit,

as generally presented on an entity’s income statement (CPA-CO).

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11
Q

Internal Control

There are several assertions, some of which overlap one another, classified into three cat_____es. The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
  2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
  3. Accuracy – The events or transactions have been reported in the appropriate amounts.
  4. Classification – All events and transactions are included in appropriate accounts or categories.
  5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
A

Internal Control

There are several assertions, some of which overlap one another, classified into three categories. The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
  2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
  3. Accuracy – The events or transactions have been reported in the appropriate amounts.
  4. Classification – All events and transactions are included in appropriate accounts or categories.
  5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
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12
Q

Internal Control

There are several assertions, some of which overlap one another, classified into three categories. The first 5 assertions relate to Events and Transactions that occurred during the pe___d of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence
A

Internal Control

There are several assertions, some of which overlap one another, classified into three categories. The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness
  2. Period Cutoff
  3. Accuracy
  4. Classification
  5. Occurrence
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13
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the e____y that occurred.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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14
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All e____s or transactions pertaining to the entity that occurred.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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15
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or tr________ns pertaining to the entity that occurred.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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16
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that oc____ed.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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17
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Co_______ess – All events or transactions pertaining to the entity that occurred.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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18
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – A__ events or transactions pertaining to the entity that occurred.
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Completeness – All events or transactions pertaining to the entity that occurred.
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19
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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20
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been re____ed in the appropriate period (Everything is reported in the right Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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21
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the app________ period (Everything is reported in the right Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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22
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate pe____ (Everything is reported in the right Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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23
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the r____ Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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24
Q

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Ev_______g is reported in the right Period).
A

Internal Control

The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO).

They are:

  1. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
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25
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is re____ed in the right Period).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
26
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Pe____ Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
27
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cut___ – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
28
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All ev___s and transactions have been reported in the appropriate period (Everything is reported in the right Period).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
29
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period C___ff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period).
30
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate am___ts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
31
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the app_______ amounts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
32
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been re____ed in the appropriate amounts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
33
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Acc___cy – The events or transactions have been reported in the appropriate amounts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
34
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The e____s or transactions have been reported in the appropriate amounts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
35
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or tr_________s have been reported in the appropriate amounts.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 3. Accuracy – The events or transactions have been reported in the appropriate amounts.
36
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate acc____s or categories.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
37
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or ca_____ies.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
38
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Cla________n – All events and transactions are included in appropriate accounts or categories.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
39
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – A__ events and transactions are included in appropriate accounts or categories.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
40
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are in___ed in appropriate accounts or categories.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
41
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and tra_______ns are included in appropriate accounts or categories.
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 4. Classification – All events and transactions are included in appropriate accounts or categories.
42
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The e___t or transaction, which pertains to the entity, did occur (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
43
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which per____s to the entity, did occur (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
44
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the e____y, did occur (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
45
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did oc___ (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
46
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occ_______e – The event or transaction, which pertains to the entity, did occur (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
47
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It ha____ed).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
48
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s i______ statement (CPA-CO). They are: 1. Completeness – All events or transactions pertaining to the entity that occurred. 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period). 3. Accuracy – The events or transactions have been reported in the appropriate amounts. 4. Classification – All events and transactions are included in appropriate accounts or categories. 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 1. Completeness – All events or transactions pertaining to the entity that occurred. 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period). 3. Accuracy – The events or transactions have been reported in the appropriate amounts. 4. Classification – All events and transactions are included in appropriate accounts or categories. 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
49
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 1. Completeness – All events or transactions occurred. 2. Period Cutoff – All events and transactions are reported in the right Period. 3. Accuracy – The events or transactions have been reported in the appropriate amounts. 4. Classification – All events and transactions are included in appropriate accounts or categories. 5. Occurrence – The event or transaction did occur
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 1. Completeness – All events or transactions pertaining to the entity that occurred. 2. Period Cutoff – All events and transactions have been reported in the appropriate period (Everything is reported in the right Period). 3. Accuracy – The events or transactions have been reported in the appropriate amounts. 4. Classification – All events and transactions are included in appropriate accounts or categories. 5. Occurrence – The event or transaction, which pertains to the entity, did occur (It happened).
50
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
Internal Control The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). They are: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
51
Internal Control The first 5 assertions: 1. Com______ss 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
52
Internal Control The first 5 assertions: 1. Completeness 2. Per___ Cutoff 3. Accuracy 4. Classification 5. Occurrence
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
53
Internal Control The first 5 assertions: 1. Completeness 2. Period Cut___ 3. Accuracy 4. Classification 5. Occurrence
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
54
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Ac____cy 4. Classification 5. Occurrence
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
55
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Class_______n 5. Occurrence
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
56
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occ______e
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
57
Internal Control The first 5 assertions: 1. C__________ 2. P_____ C_____ 3. A_______ 4. C__________ 5. O_________
Internal Control The first 5 assertions: 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
58
Internal Control The first 5 ass______s: CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
Internal Control The first 5 assertions: CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence
59
Internal Control Just remember that if all revenue and expenses are properly re___ed, the CPA-CO will have no problem preparing your taxes.
Internal Control Just remember that if all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
60
Internal Control Just remember that if all re____e and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
Internal Control Just remember that if all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
61
Internal Control Just remember that if all revenue and ex____es are properly reported, the CPA-CO will have no problem preparing your taxes.
Internal Control Just remember that if all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
62
Internal Control The next 4 ass______s relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours). 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct). 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement. 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours). 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct). 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement. 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
63
Internal Control The next 4 assertions relate to Acc____ Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
64
Internal Control The next 4 assertions relate to Account Ba______s, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
65
Internal Control The next 4 assertions relate to Account Balances, am___ts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
66
Internal Control The next 4 assertions relate to Account Balances, amounts re____ed as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
67
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the d___ of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
68
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the ba_____ sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
69
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sh___ (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
70
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the fi_______ statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
71
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The e____y has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence • Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
72
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has r____ts to those items reported as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
73
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items re___ed as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
74
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as as___s and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
75
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and lia____ies are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
76
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obli____ns of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
77
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the e____y (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
78
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Ri____s and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
79
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights a__ Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
80
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obli____ns – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations – The entity has rights to those items reported as assets and liabilities are the obligations of the entity (they are ours).
81
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All as__s, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).al).
82
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, lia____ies, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
83
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and eq___y related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
84
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity re___ed items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
85
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related i___s are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
86
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in am___ts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
87
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are app_______e as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
88
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the d___ of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
89
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is cor___t).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
90
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Am___t is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
91
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allo____n and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
92
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Va______n – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 2. Allocation and Valuation – All assets, liabilities, and equity related items are reported in amounts that are appropriate as of the date of the financial statements (Amount is correct).
93
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All as___s, liabilities, and equity that should have been reported are included on the financial statement
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
94
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, li______es, and equity that should have been reported are included on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
95
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and eq___y that should have been reported are included on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
96
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that sh____ have been reported are included on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
97
Internal Control The next 4 assertions relate to Account Balances, amounts re____ed as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been re____ed are included on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
98
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are in____ed on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
99
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the f_______ statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
100
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Com_______ss – All assets, liabilities, and equity that should have been reported are included on the financial statement.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 3. Completeness – All assets, liabilities, and equity that should have been reported are included on the financial statement.
101
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – As___s, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
102
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and eq___y reported on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
103
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements e___t as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
104
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, li______ies, and equity reported on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
105
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity re____ed on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
106
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the f________ statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
107
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are r__l).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
108
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Ex_______e – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). They are: 4. Existence – Assets, liabilities, and equity reported on the financial statements exist as of the financial statement date (They are real).
109
Internal Control The first 5 assertions: CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence Just remember that if all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
Internal Control The first 5 assertions: CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence Just remember that if all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes.
110
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a healthy bal___e sheet, it is running at good RACE.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a healthy balance sheet, it is running at good RACE.
111
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a healthy balance sh__t, it is running at good RACE.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a healthy balance sheet, it is running at good RACE.
112
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a h______y balance sheet, it is running at good RACE.
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence Of course, if an entity has a healthy balance sheet, it is running at good RACE.
113
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. R____ts and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
114
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Ob______ns 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
115
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights a__ Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
116
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. All_______n and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
117
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Va______n 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
118
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Com_______ss 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
119
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Ex______e
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
120
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. R_______ ___ __________ 2. A______ ___ __________ 3. C____________ 4. E_________
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
121
Internal Control The next 4 assertions relate to Ac___nt Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
Internal Control The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence
122
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disc____es (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place). 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct). 3. Completeness – All information that should be presented is disclosed (It is All included). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity. 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear). Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place). 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct). 3. Completeness – All information that should be presented is disclosed (It is All included). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity. 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear). Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
123
Internal Control There are several ass_____ns, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
124
Internal Control The final 5 assertions relate to the Presentation of the financial st________s and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
125
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
126
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – A__ information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place). 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct). 3. Completeness – All information that should be presented is disclosed (It is All included). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity. 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
127
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All inf________ presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
128
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and di______ed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
129
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to e___ts, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
130
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, tr_______ns, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
131
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other m___ers that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
132
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the e____y (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
133
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It a__ Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
134
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Ob_______ns – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
135
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. R_____s and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
136
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information pre____ed and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 1. Rights and Obligations – All information presented and disclosed is related to events, transactions, and other matters that pertain to the entity (It all Took place).
137
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is a__ correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
138
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – B___ financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
139
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial inf________ is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
140
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly pre____ed, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
141
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly dis____ed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
142
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate a____ts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
143
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all co____t).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
144
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonf_______l information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
145
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fa__ly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
146
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Acc____y and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
147
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Val_____n – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). They are: 2. Accuracy and Valuation – Both financial and nonfinancial information is fairly presented, properly disclosed, and provides appropriate amounts (We Know it is all correct).
148
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – A__ information that should be presented is disclosed (It is All included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
149
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All in____ed).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
150
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be pr_____ted is disclosed (It is All included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
151
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Com______ess – All information that should be presented is disclosed (It is All included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
152
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that sh____ be presented is disclosed (It is All included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
153
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is A__ included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
154
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All inf_______n that should be presented is disclosed (It is All included).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 3. Completeness – All information that should be presented is disclosed (It is All included).
155
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Dis____ed events, transactions and other matters have occurred and pertain to the entity.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
156
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other m______s have occurred and pertain to the entity.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
157
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the e____y.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
158
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, tra________s and other matters have occurred and pertain to the entity.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
159
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occ_______e – Disclosed events, transactions and other matters have occurred and pertain to the entity.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
160
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and per___n to the entity.
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 4. Occurrence – Disclosed events, transactions and other matters have occurred and pertain to the entity.
161
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and desc___ed and disclosures are expressed in a clear manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
162
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Cl___).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
163
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Ev___thing is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
164
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Un________ability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
165
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Cla__________n – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
166
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is app________ly presented and described and disclosures are expressed in a clear manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
167
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a cl__r manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
168
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are exp____ed in a clear manner (Everything is Clear).
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 5. Understandability and Classification – Financial information is appropriately presented and described and disclosures are expressed in a clear manner (Everything is Clear).
169
Internal Control The final 5 assertions relate to the Pre________n of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
170
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. R_____ and O_________ 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
171
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. A_______ and V_________ 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
172
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. C___________ 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
173
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. O__________ 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
174
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. U____________ and C___________ Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
175
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. R______ ___ ____________ 2. A________ ___ ____________ 3. C____________ 4. O___________ 5. U____________ ___ ______________ Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
176
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
177
Internal Control ----------- 1st Category ------------- The first 5 assertions presented on income statement CPA-CO ----------- 2nd Category ------------- The next 4 assertions presented on the balance sheet RACE ----------- 3rd Category ------------- The final 5 assertions Presentation of the financial statements and the financial statement Disclosures RACOU–n (Raccoon)
Internal Control ----------- 1st Category ------------- The first 5 assertions presented on income statement CPA-CO ----------- 2nd Category ------------- The next 4 assertions presented on the balance sheet RACE ----------- 3rd Category ------------- The final 5 assertions Presentation of the financial statements and the financial statement Disclosures RACOU–n (Raccoon)
178
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions presented on income statement CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence ----------- 2nd Category ------------- The next 4 assertions presented on the balance sheet RACE 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence ----------- 3rd Category ------------- The final 5 assertions Presentation of the financial statements and the financial statement Disclosures RACOU–n (Raccoon) 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions presented on income statement CPA-CO 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence ----------- 2nd Category ------------- The next 4 assertions presented on the balance sheet RACE 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence ----------- 3rd Category ------------- The final 5 assertions Presentation of the financial statements and the financial statement Disclosures RACOU–n (Raccoon) 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification
179
Internal Control If an e____y has a healthy balance sheet, it is running at good RACE.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
180
Internal Control If an entity has a healthy ba_____ sheet, it is running at good RACE.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
181
Internal Control If an entity has a healthy balance sh___, it is running at good RACE.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
182
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
183
Internal Control If an entity has a healthy balance sheet, it is running at good R___.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
184
Internal Control If an entity has a healthy balance sheet, it is running at good ____.
Internal Control If an entity has a healthy balance sheet, it is running at good RACE.
185
Internal Control ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good R___.
Internal Control ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE.
186
Internal Control 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is ru__ing at good RACE.
Internal Control 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE.
187
Internal Control 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a he____y balance sheet, it is running at good RACE.
Internal Control 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE.
188
Internal Control Raccoons (RACOU-n’s) are always pre____ing and disclosing my garbage at night!!
Internal Control Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
189
Internal Control Raccoons (RACOU-n’s) are always presenting and dis____ing my garbage at night!!
Internal Control Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
190
Internal Control The final 5 assertions relate to the Presentation of the f________ statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
191
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Ra____ns (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
192
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
Internal Control There are several assertions, some of which overlap one another, classified into 3 categories. ----------- 1st Category ------------- The first 5 assertions relate to Events and Transactions that occurred during the period of audit, as generally presented on an entity’s income statement (CPA-CO). 1. Completeness 2. Period Cutoff 3. Accuracy 4. Classification 5. Occurrence If all revenue and expenses are properly reported, the CPA-CO will have no problem preparing your taxes. ----------- 2nd Category ------------- The next 4 assertions relate to Account Balances, amounts reported as of the date of the financial statements, as generally presented on the balance sheet (RACE). 1. Rights and Obligations 2. Allocation and Valuation 3. Completeness 4. Existence If an entity has a healthy balance sheet, it is running at good RACE. ----------- 3rd Category ------------- The final 5 assertions relate to the Presentation of the financial statements and the financial statement Disclosures (RACOU–n (Raccoon). 1. Rights and Obligations 2. Accuracy and Valuation 3. Completeness 4. Occurrence 5. Understandability and Classification Raccoons (RACOU-n’s) are always presenting and disclosing my garbage at night!!
CPA AUD Flashcards
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