Management Assertions Management Research Paper Essay (Research Paper Sample)

Management Assertions and Auditor’s Report
[Student’s Name]
[Institution]
[Date]
1.59 Management Assertions
In this option, my audit manager assigns me the task to explain all PCAOB assertions using a receivable account on the balance sheet of the audit client. Assertions are regularly made regarding the data in the statements by many managers accountable for the preparation of the financial statements from the records of their respective companies, under the regulations and policies of the standard accounting procedures (Baudel & Sauterey, 2017). For instance, management of a company asserts that every item or line on the financial statements has existence, with complete, accurate and entirely undisclosed information. In this option, I, therefore, lay my focus on defining and describing the assertions utilizing the receivable accounts on the client’s balance sheets.
First, the management asserts that the data and information gathered is fully complete. Completeness is the first assertion, which includes all the accounts and transactions presented in the financial statements. In this assertion, all possible sales and reports are recorded accordingly (Doxey et al., 2016). An audit that conforms to the general audit standard regulations entails collection of the audit evidence information to make a verification of the assertions made in financial statements and records. For instance, an auditor is likely to encounter confirmations during an audit, as they seek to gather evidence of an appropriate history of the financial data and audit information. Just like vendors, consumers are obligated to confirm the receivable accounts (AICPA, 2017).