What are Audit Assertions in accounting and auditing?

[erwinsmith]

I’m trying to understand the concept of audit assertions in financial statements. From what I know, these are the claims made by management regarding the accuracy and completeness of financial information, which auditors then verify.

 

[Gsusangrey]

Audit assertions are claims made by management regarding the accuracy of financial statements. They include existence, completeness, rights, valuation, and presentation. Auditors test these to ensure records are free from material misstatement and comply with accounting standards.

 

[brook]

Auditing assertions refer to claims of management on the accuracy of financial statement. These are existence, completeness, rights, valuation and presentation. Auditors are testing these to make sure there are no material misstatements of records and to make sure it does not violate any accounting standards.

 

[nikhilrajoria]

They are a bookkeeping statement of claims by management. Key types:

• Existence (assets/liabilities are in existence)
• Integrity (no omissions)
• The valuation (amounts are correct)
• Rights and Obligations (the company possesses them)
• Presentation/Disclosure (properly presented).

 

[robertwilliam]

The audit assertions are basically the claims made by the management regarding the financial data being accurate and complete; the auditors then do the necessary tests to confirm that the financial statements do not contain any significant errors or misstatements.

 

[Lucky]

Audit assertions are claims made by management regarding the accuracy and completeness of financial statements. They include assertions like existence, completeness, valuation, rights and obligations, and presentation. Auditors test these assertions to ensure that the company’s financial records are truthful, reliable, and comply with accounting standards.