What are the assertions with which an auditor is concerned with while obtaining audit evidence from substantive procedures?

Auditing and Assurance Revision Questions and Answers

An auditor is concerned with following assertions: –
 Existence: That an asset or liability exists at a given date.
 Rights and obligations: That an asset is a right of the concern and a liability is an obligation at a given date.
 Occurrence: That a transaction or event which took place pertains to the entity during the relevant period.
 Completeness: That there are no unrecorded assets, liabilities or transaction.
 Valuation: That an asset or liability is recorded at an appropriate carrying value.
 Measurement: That a transaction is recorded in the proper amount and revenue or expense is allocated to the proper period.
 Presentation and disclosure: That an item is disclosed classified and described in accordance with recognized accounting policies and practices and relevant statutory requirements.

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