A company's management makes several assertions about the transactions and event that took place during the fiscal period. It is the job of the external auditor to evaluate these assertions:
1. Occurrence (did the transactions that were recorded actually occur?)
2. Completeness (were all of the transactions that should have been recorded actually recorded?)
3. Authorization (were all the transactions properly authorized?)
4. Accuracy (were the amounts recorded correctly?)
5. Cutoff (were the transactions recorded in the correct accounting period?)
6. Classification (were transactions recorded in the proper accounts?)
7. Presentation (were the transactions appropriately aggregated or disaggregated and clearly described? Are the disclosures relevant and understandable?)
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