AUD – Anyone else find assertions tough?

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  • July 8, 2013 at 1:56 am #178575
    ganudorm
    Member

    Do they expect you to know every single assertion? I’m finding it tough to memorize all these.

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  • July 8, 2013 at 2:38 am #425277
    wizards8507
    Participant

    Don't memorize them. Understand them. Always use the financial statements as your starting point and see what question they're asking about those statements.

    Existence- Does this item on the books EXIST in the real world? (Books to world.)

    Completeness- Are the books COMPLETE? (World to books.)

    Etc.

    NY CPA

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