The Use of Assertions in Obtaining Audit Evidence Assertions about classes of transactions and events for the period under audit (COCAC): Completeness - all transactions and events that should have been recorded have been recorded.Occurrence - transactions and events that have been recorded have occurred and pertain to the entity.Classification - transactions and events have been recorded in the proper accounts.Accuracy - amounts and other data relating to recorded transactions and events have been recorded appropriately.Cutoff - transactions and events have been recorded in the correct acco ..read more

Risks in Sampling Sampling RiskAlpha Risk: affects EFFICIENCYTest of Control: Risk of underrelianceSubstantive Test: Risk of incorrect rejectionBeta Risk: affects EFFECTIVENESSTest of Control: Risk of overrelianceSubstantive Test: Risk of incorrect acceptanceNon-sampling RiskHuman errorsControlling the RisksSampling RiskIncreasing the sample sizeUsing an appropriate sample selection methodNon-sampling RiskProper planningAdequate direction, review, and supervision of the audit teamGeneral Approaches to Audit SamplingStatistical SamplingUses random-based selection of sampleUses the law of proba ..read more