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ACCA AA Transaction assertions

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发布时间：2021-09-26 14:22

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Transaction assertions

Occurrence–this means that the transactions recorded or disclosed actually happened and relate to the entity.For example that a recorded sale represents goods which were ordered by valid customers and were despatched and invoiced in the period.An alternative way of putting this is that sales are genuine and are not overstated.

Relevant test–select a sample of entries from the sales account in the general ledger and trace to the appropriate sales invoice and supporting goods dispatched notes and customer orders.

Completeness–this means that transactions that should have been recorded and disclosed have not been omitted.

Relevant test–select a sample of customer orders and check to dispatch notes and sales invoices and the posting to the sales account in the general ledger.【点击免费下载>>>更多ACCA学习相关资料】

Note the difference in the direction of the above test.In order to test completeness the procedure should start from the underlying documents and check to the entries in the relevant ledger to ensure none have been missed.To test for occurrence the procedures will go the other way and start with the entry in the ledger and check back to the supporting documentation to ensure the transaction actually happened.

Accuracy–this means that there have been no errors while preparing documents or in posting transactions to ledgers.The reference to disclosures being appropriately measured and described means that the figures and explanations are not misstated.

Relevant test–reperformance of calculations on invoices,payroll,etc,and the review of control account reconciliations are designed to provide assurance about accuracy.

Cut–off–that transactions are recorded in the correct accounting period.

Relevant test–recording last goods received notes and dispatch notes at the inventory count and tracing to purchase and sales invoices to ensure that goods received before the year end are recorded in purchases at the year end and that goods dispatched are recorded in sales.

Classification–transactions recorded in the appropriate accounts–for example,the purchase of raw materials has not been posted to repairs and maintenance.

Relevant test–check purchase invoices postings to general ledger accounts.

Presentation–this means that the descriptions and disclosures of transactions are relevant and easy to understand.There is a reference to transactions being appropriately aggregated or disaggregated.Aggregation is the adding together of individual items.Disaggregation is the separation of an item,or an aggregated group of items,into component parts.The notes to the financial statements are often used to disaggregate totals shown in the statement of profit or loss.Materiality needs to be considered when judgements are made about the level of aggregation and disaggregation.

Relevant test–confirm that the total employee benefits expense is analysed in the notes to the financial statements under separate headings–ie wages and salaries,pension costs,social security contributions and taxes,etc.

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