Why have CWANZ updated their Assertions?

The table below details the post-October 2022 assertions that we implemented into Audit Products, to aligned with both IFAC and what is more commonly used internationally:

Audit Product Assertions	Classes of transactions	Account balances
C - Completeness	Completeness	Completeness
E - Existence	Occurrence	Existence Rights and obligations
AV - Accuracy and Valuation	Accuracy Cut-off Classification	Accuracy, valuation and allocation Classification
P - Presentation	Presentation	Presentation

The table below represents the current pre-October 2022 combined assertions:

Audit Product Assertions	Classes of transactions	Account balances
C - Completeness	Completeness	Completeness
E - Existence	Occurrence	Existence
A - Accuracy and cut-off	Accuracy Cut-off Classification	Rights and obligations Classification
V - Valuation		Accuracy, valuation and allocation
V - Valuation	Presentation	Presentation