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.