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What Are the 7 Audit Assertions?

What Are the 7 Audit Assertions?

What Are the 7 Audit Assertions?

Assertions are claims that auditors use to establish the truth and fairness of a company’s financial statements. These assertions are found on a variety of business statements, including income statements and balance sheets.

They are important to auditing because they help auditors identify any discrepancies that may cause tax issues. These assertions also protect companies by providing legal verification of important information, such as correct prices and material quantities.

These assertions can be divided into three different categories: accuracy and valuation, existence, and completeness. Each category contains a list of specific assertions that auditors typically use to verify the information in the company’s financial statements.

Accuracy Assertion

This assertion states that information in a company’s financial statements remains accurate throughout the period being audited. This means that the correct amounts of sales, expenses and profits have been recorded in a financial statement.

It also ensures that the accounting standards have been complied with. This is particularly important for a company that sells goods and services overseas.

These assertions are useful because they allow auditors to focus on the most critical accounts and ensure that everything is recorded properly. They can also prevent audits from becoming too extensive and consuming too much time. They can also be used to pinpoint areas that require additional scrutiny.

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