1. 

   Morganf
   

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   Member

   I've seen so many different & conflicting ones.

   Wiley Management representation assertions - COVER-U completeness, cutoff, valuation, existence, rights & obligations, understandability
   Wiley FS assertions - PERCV presentation, existence, rights & obligations, completeness, valuation
   Assertions for online assurance engagements - online privacy, confidentiality, availability, processing integrity, security
   Gleim - "CARE CURV" completeness, accuracy, rights/obligations, existence, classification, cutoff, valuation, occurrence
   MD&A assertions?

   I understand the first 3. What's "CARE CURV" for? Also why are there 2 "R"s and no "O"s for occurrence?

   Where does MD&A come into play? I know it's included in most 10-k at the start. Are there separate engagements to report on MD&A or is it included in every audit & review?

   There are so many different assertions it's hard to tell which ones are redundant or for different occasions. Also anyone else find the online one's obnoxious; processing integrity + availability + 3 synonyms of security?

   BEC - 88
   AUD - 69, 74, 93
   FAR - 78
   REG - 79

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   Posted 1 year ago #
2. 

   That Cartoon Mouse
   

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   CARE is the management assertions relating to account balances. CURV is management assertions about disclosures. Then completeness, cutoff, classification, accuracy, and occurrence are for transactions.

   REG 82 (10/07/11)
   BEC 88 (11/01/11)
   FAR 86 (11/21/11)
   AUD 82 (11/30/11)
   ----------
   Roger CPA Review, live & cram course

   Posted 1 year ago #
3. 

   Tebowwwww
   

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   Member

   MD&A is a bit tricky. When doing an audit you don't audit the MD&A section, only the financial statements and the notes, but you'll also review the MD&A to make sure management isn't putting misleading or clearly false information in there.

   You can also perform an attest engagement/examination on MD&A separately from an audit of the financials. The guidelines for MD&A are established by the SEC but it still falls under SSAE standards.

   There are only six assertions - Completeness, Cutoff, Valuation & Allocation, Existance/Occurance, Rights & Obligations, and Understandability & Classification.

   Any other acronyms are there because not all assertions apply to the three types of relevancies (account balances, transactions/journal entries, and presentation & disclosure). Account balances only use CVER, transactions only use COVEU, and presentation & disclosure only use CVRU.

   REG (7/7/11) 75
   FAR (7/28/11) 76
   BEC (8/27/11) 81
   AUD (10/15/11, 1/20/12) 63, 91
   
   DONE!!!

   Posted 1 year ago #

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