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ACCA AA Account balance assertions
文章来源：ACCA全球官网
发布时间：2021-09-26 14:25
阅读：799次
Account balance assertions【点击免费下载>>>更多ACCA学习相关资料】
Existence–means that assets and liabilities really do exist and there has been no overstatement–for example,by the inclusion of fictitious receivables or inventory.This assertion is very closely related to the occurrence assertion for transactions.
Relevant tests–physical verification of non–current assets,circularisation of receivables,payables and the bank letter.
Rights and obligations–means that the entity has a legal title or controls the rights to an asset or has an obligation to repay a liability.
Relevant tests–in the case of property,deeds of title can be reviewed.Current assets are often agreed to purchase invoices although these are primarily used to confirm cost.Long term liabilities such as loans can be agreed to the relevant loan agreement.
Completeness–that there are no omissions and assets and liabilities that should be recorded and disclosed have been.In other words there has been no understatement of assets or liabilities.
Relevant tests–A review of the repairs and expenditure account can sometimes identify items that should have been capitalised and have been omitted from non–current assets.Reconciliation of payables ledger balances to suppliers’statements is primarily designed to confirm completeness although it also gives assurance about existence.
Accuracy,valuation and allocation–means that amounts at which assets,liabilities and equity interests are valued,recorded and disclosed are all appropriate.The reference to allocation refers to matters such as the inclusion of appropriate overhead amounts into inventory valuation.
Relevant tests–Vouching the cost of assets to purchase invoices and checking depreciation rates and calculations.
Classification–means that assets,liabilities and equity interests are recorded in the proper accounts.
Relevant tests–the test for transactions of checking purchase invoice postings to the appropriate accounts in the general ledger will be relevant again.Also that research expenditure is only classified as development expenditure if it meets the criteria specified in IAS®38 Intangible Assets.
Presentation–this means that the descriptions and disclosures of assets and liabilities are relevant and easy to understand.The points made above regarding aggregation and disaggregation of transactions also apply to assets,liabilities and equity interests.
Relevant tests–auditors often use disclosure checklists to ensure that financial statement presentation complies with accounting standards and relevant legislation.These cover all items(transactions,assets,liabilities and equity interests)and would include for example confirming that disclosures relating to non–current assets include cost,additions,disposals,depreciation,etc.
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