Financial%20Statement%20Assertions0

Financial%20Statement%20Assertions0 - CT Bauer College of...

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CT Bauer College of Business -- Financial Statement Assertions Financial Statement Assertions were established under the Treadway Commission and its Committee of Sponsoring Organizations (“COSO”) as part of their efforts to establish an accepted standard for an internal control system/process and the related objectives for the preparation if financial statements. An “assertion” is: (a) to state categorically and declare or affirm as true and (b) to declare with assurance. Balance Income Assertion Sheet Statemen t Definition Existence X An asset or liability exists at a given date Occurrence X A transaction or event actually took place during the period Valuation/Allocation X An asset or liability is recorded at an appropriate carrying value Measurement X An asset or liability is recorded at the proper amount Completeness X X There are no unrecorded assets, liabilities, transactions or events Rights and Obligations X An asset or liability pertains to the entity Presentation and
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Financial%20Statement%20Assertions0 - CT Bauer College of...

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