Exposure Drafts, Comment Letters, and Statements of Position
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Description
Statement on Auditing Standards No. 31, Evidential Matter, lists five broad categories of assertions embodied in financial statement components. Four of them deal with transactions and accounts that are included in the financial statements; one of them, the completeness assertion, deals with whether there are transactions and accounts that have been improperly excluded from the financial statements. The unique nature of the completeness assertion has caused practice problems in obtaining evidential matter regarding that assertion. This proposed Statement addresses those problems. The auditor should not rely solely on management's written representations as evidential matter regarding the completeness assertion. The auditor should obtain evidential matter regarding the completeness of those types of transactions that he has reason to believe have occurred. The auditor should not rely solely on internal accounting controls over completeness as evidential matter regarding the completeness assertion.
Publication Date
1984
Relational Format
Book
Keywords
Assets (Accounting) -- Standards -- United States
Disciplines
Accounting | Taxation
Recommended Citation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Obtaining evidential matter regarding the completeness assertion ;Obtaining evidential matter regarding the completeness assertion; Exposure draft (American Institute of Certified Public Accountants), 1984, Dec. 27" (1984). Exposure Drafts, Comment Letters, and Statements of Position. 476.
https://egrove.olemiss.edu/aicpa_sop/476
Comments
Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.