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Assertions about classes of transactions and events
Occurrence, Completeness, Accuracy, Cut-Off and Classification
Assertions about account balances
Existence, Rights and Obligations, Completeness and Valuation and Allocation
Assertions about presentation and disclosure
Occurrence, rights and obligations, Completeness, Classification and Understandability and Accuracy and valuation
Transactions and events that have been recorded have occurred and concern the entity
All transactions and events that should have been recorded have been recorded
Amounts and other data relating to recorded transactions and events have been recorded appropriately
Transactions and events have been recorded in the correct accounting period
Transactions and events have been recorded in the proper accounts
Assets, liabilities and equity interests exist
Rights and obligations
The entity holds or controls the rights to assets, and liabilities are the obligation of the entity
Valuation and Allocation
Assets, liabilities and equity interests are included in the financial report at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.
Classification and understandability
Financial information is appropriately presented and described and disclosures are clearly expressed.