Lesson: Assertions in Auditing

In this lesson, Nick Palazzolo discusses assertions in auditing, which can often be a confusing area for many students. He goes over the different types of assertions made by management, such as completeness, cutoff, existence, occurrence, valuation, allocation, and accuracy. He then delves further into each assertion, explaining the differences between them and providing detailed examples of audit tests that can be performed in relation to each type. By understanding these assertions and the procedures to assess them, aspiring accountants can better grasp how companies operate and the importance of ensuring the accuracy of financial statements.