Assertions about classes of transactions and events for the period under audit:

1. Occurrence—transactions and events that have been recorded have occurred and pertain to the entity.
2. Completeness—all transactions and events that should have been recorded have been recorded.
3. Accuracy—amounts and other data relating to recorded transactions and events have been recorded appropriately.
4. Cutoff—transactions and events have been recorded in the correct accounting period.
5. Classification—transactions and events have been recorded in the proper accounts.

 Assertions about account balances at the period end:

1. Existence—assets, liabilities, and equity interests exist.
2. Rights and obligations—the entity holds or controls the rights to assets, and liabilities are the obligations of the entity.
3. Completeness—all assets, liabilities and equity interests that should have been recorded have been recorded.
4. Valuation and allocation—assets, liabilities, and equity interests are included in the financial statements at appropriate amounts and any resulting valuation or allocation adjustments are appropriately recorded.

Assertions about presentation and disclosure:

1. Occurrence and rights and obligations—disclosed events, transactions, and other matters have occurred and pertain to the entity.
2. Completeness—all disclosures that should have been included in the financial statements have been included.
3. Classification and understandability—financial information is appropriately presented and described, and disclosures are clearly expressed.
4. Accuracy and valuation—financial and other information are disclosed fairly and at appropriate amounts.

The auditor may use the assertions as described above or may express them differently provided all aspects described above have been covered. For example, the auditor may choose to combine the assertions about transactions and events with the assertions about account balances. As another example, there may not be a separate assertion related to cutoff of transactions and events when the occurrence and completeness assertions include appropriate consideration of recording transactions in the correct accounting period.