Guide to Using International Standards on Auditing in - IFAC
Guide to Using International Standards on Auditing in - IFAC
Guide to Using International Standards on Auditing in - IFAC
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77<br />
6. F<strong>in</strong>ancial Statement Asserti<strong>on</strong>s<br />
Chapter C<strong>on</strong>tent<br />
Relevant ISAs<br />
Use of management’s asserti<strong>on</strong>s <strong>in</strong> audit<strong>in</strong>g. 315<br />
Exhibit 6.0-1<br />
Comb<strong>in</strong>ed Asserti<strong>on</strong>s<br />
Completeness<br />
(miss<strong>in</strong>g transacti<strong>on</strong>s)<br />
Existence<br />
(<strong>in</strong>valid transacti<strong>on</strong>s)<br />
Accuracy & cu<str<strong>on</strong>g>to</str<strong>on</strong>g>ff<br />
(<strong>in</strong>accurate; record<strong>in</strong>g,<br />
cu<str<strong>on</strong>g>to</str<strong>on</strong>g>ff or rights/obligati<strong>on</strong>s)<br />
Valuati<strong>on</strong><br />
(recorded at <strong>in</strong>correct value)<br />
Extent of M<strong>on</strong>etary Error<br />
Correctly stated amount for transacti<strong>on</strong>/balance<br />
Understated<br />
- + <br />
Overstated<br />
6.1 Overview<br />
Paragraph #<br />
315.4(a)<br />
Relevant Extracts from ISAs<br />
Asserti<strong>on</strong>s<br />
Asserti<strong>on</strong>s—Representati<strong>on</strong>s by management, explicit or otherwise, that are embodied <strong>in</strong><br />
the f<strong>in</strong>ancial statements, as used by the audi<str<strong>on</strong>g>to</str<strong>on</strong>g>r <str<strong>on</strong>g>to</str<strong>on</strong>g> c<strong>on</strong>sider the different types of potential<br />
misstatements that may occur.
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