Auditors consider fi nancial statement assertions to identify appropriate audit procedures. For
items a through f, match each assertion with the statement that most closely approximates its
meaning. Each statement may be used only once.
Assertion
a. Completeness
b. Cutoff
c. Existence and occurrence
d. Presentation and disclosure
e. Rights and obligations
f. Valuation
Statement
1. There is such an asset.
2. The company legally owns the assets.
3. All assets have been recorded.
4. Transactions are recorded in the correct
accounting period.
5. Assets are recorded at proper amounts.
6. Assets are properly classified.