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11ДЎ2 Assertions Assertion Balance Sheet Account balances Income Statement Transactions and events Valuation Obligations and rights Assets, liabilities and equity interests have been recorded at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded. (Classification and Allocation) Transactions and events have been classified and allocated to the appropriate accounts. (Classification and Allocation) Assets, liabilities and equity interests have been classified and allocated to the appropriate accounts. (Accuracy) Amounts and other data relating to recorded transactions and events have been recorded correctly. 10ДЎ1 Assertions Assertion Balance Sheet Account balances Income Statement Transactions and events Accuracy (Accuracy) Amounts and other data relating to recorded assets, liabilities and equity interests have been recorded correctly. Transactions and events that have been recorded have occurred, and have been recorded in the correct accounting period. All transactions and events that should have been recorded have been recorded in the correct accounting period. Assets, liabilities and equity interests exist. 8Д© Assertions Completeness Existence and Occurrence Accuracy Valuation Obligation and Rights Presentation and Disclosure 9ДЎ0 Assertions Assertion Balance Sheet Account balances Income Statement Transactions and events Completeness Existence (balance sheet) Occurrence (income statement) All assets, liabilities and equity interests that should have been recorded have been recorded.

In preparing financial statements management applies certain assertions about the financial statements.

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Audit EvidenceДЁ Assertions The management of an entity is responsible for the preparation and fair presentation of the entity s financial statements that are free from material misstatement, whether due to fraud or error.