[Ralphie Dos Nachos]

Guys what does the term “relevant assertions” or “relevant financial statement assertions” mean exactly?
Going through A3 right now in Becker and they use that a lot but I don’t think they ever said exactly what that is.

[Silent]

what i been taught is claim(s) that are made by organization's management regarding its financial statements

[Adam]

You're doing assertion level testing..Relevant assertions are those such as cut off, completeness, existence etc..when you plan an audit you look at what needs tested and what is relevant to the audit.

If there are no fixed assets you do not need to test existence probably.

Managements assertions..would simply mean what management is saying exists on the statements..

[Author]

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