PCAOB Assertions: Presentation & Disclosure

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  • February 16, 2015 at 6:24 pm #192068
    Anonymous
    Inactive

    Is P&D the same as understandability & classification?

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  • February 16, 2015 at 6:57 pm #647304
    LKD CPA
    Member

    Presentation and disclosure under PCAOB assertions is not the same as understandability and classification. There is no “understandability & classification” under PCAOB. Here is a link to the PCAOB standards that lists the assertions: https://pcaobus.org/Standards/Auditing/pages/auditing_standard_15.aspx

    FAR: 74, 83
    REG: 76
    BEC: 77
    AUD: 89

    February 16, 2015 at 9:44 pm #647305
    Anonymous
    Inactive

    Right.

    But, P&D and U&C have the same definitions. “Accounts are clearly presented and properly classified”.

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