AUD Prep: FYI
ICFR under PCAOB standards

Identifying Significant Accounts and Disclosures and their Relevant Assertions
Relevant assertions—Those financial statement assertions that have a reasonable possibility of containing a material misstatement.

Question

FYI
ICFR under PCAOB standards

Identifying Significant Accounts and Disclosures and their Relevant Assertions
Relevant assertions—Those financial statement assertions that have a reasonable possibility of containing a material misstatement.

Monique Tyler · Accepted Answer

(PCAOB auditing standards specifically refer to the following assertions

(1) existence or occurrence; 
(2) completeness; 
(3) valuation or allocation; 
(4) rights and obligations; and 
(5) presentation and disclosure.)

AUD Prep

FYI ICFR under PCAOB standards Identifying Significant Accounts and Disclosures and their Relevant Assertions Relevant assertions—Those financial statement assertions that have a reasonable possibility of containing a material misstatement.

(PCAOB auditing standards specifically refer to the following assertions (1) existence or occurrence; (2) completeness; (3) valuation or allocation; (4) rights and obligations; and (5) presentation and disclosure.)

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