Back to Letter M
Management AssertionsManagement assertions are the assertions by management about the accuracy of the financial statement components. An auditor typically uses these assertions to help guide the type of audit evidence gathered. These assertions are:
- Rights and Obligations
- Valuation and Allocation
- Occurence and Rights and Obligations
- Classification and Understandability
- Accuracy and valuation
As a memorization help, think OAACCC, RECV, OCCA for each section.