The assertions listed in CAS 315 are each cross-referenced to the five principal assertions.

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Why are these different terms used to describe assertions in different audit guidance materials?

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PRINCIPAL ASSERTION(S) LINKED TO DETAILED ASSERTION DETAILED ASSERTIONS PER CAS 315 1. Assertions about classes of transactions and events ( Occurrence-transactions and events that have been recorded have occurred and pertain Existence to the entity (i) Completeness-all transactions and events that should have been recorded have been Completeness recorded (ii) Accuracy-amounts and other data relating to recorded transactions and events have been Valuation recorded appropriately (iv) Cutoff-transactions and events have been recorded in the corect accounting period Existence Completeness -depending on direction of testing Presentation v) Classification-transactions and events have been recorded in the proper accounts 2. Assertions about balance sheet items () Existence-assets, liabilities, and equity interests exist Existence (i) Rights and obligations-the entity holds or controls the rights to assets, and liabilities are Ownership the obligations of the entity (ii) Completeness-all assets, liabilities, and equity interests that should have been recorded Completeness have been recorded (iv) Valuation and allocation-assets, liabilities, and equity interests are included in the financial Valuation statements at appropriate amounts, and any resulting measurement or allocation adjustments are appropriately recordec 3. Assertions about presentation and disclosure () Occurrence and rights and obligations-disclosed events, transactions, and other matters Existence have occurred and pertain to the entity Ownership (i) Completeness-all disclosures that should have been included in the financial statements Completeness have been included (ili) Classification and understandability- financial information is appropriately presented and Presentation described, and disclosures are clearly expressed (v) Accuracy and valuation-financial and other infonmation are disclosed fairly and at Valuation appropriate amounts