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 | | |
E - Existence | | Existence Rights and obligations
|
AV - Accuracy and Valuation | Accuracy Cut-off Classification
| |
P - Presentation |
| |
The table below represents the current pre-October 2022 combined assertions:
Audit Product Assertions | Classes of transactions | Account balances |
C - Completeness | | |
E - Existence | |
|
A - Accuracy and cut-off | Accuracy Cut-off Classification
| Rights and obligations Classification
|
V - Valuation |
| |
| |
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