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Attest engagement: What is an assertion? Be written?

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An attest engagement is one in which a practitioner is engaged to issue or does issue an examination, review, or an agreed-upon procedures report on subject matter, or an assertion about the subject matter, that is the responsibility of another party.

Question: What is an assertion? Should assertions be written?

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Solution Summary

Your tutorial is 219 words. It explains the nature of an assertion and then gives examples of the financial statement assertions for a typical audit. The comment mentions that the assertions should be written by both management and the auditor.

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What is an assertion?

An assertion is a statement of fact or claim. In an audit, management asserts that they own the assets on their balance sheet by listing them. That is, that they have the right to use the assets and have title to them. Management claims that the liabilities on their balance sheet exist, are valid obligations of the firm, and are a complete listing of the amounts due. Management ...

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