Management Assertions

Management assertions are statements made by an organization's leadership regarding the accuracy and reliability of financial information and internal controls. They assert that the financial statements are complete, accurate, and compliant with accounting standards. These assertions cover aspects like the existence of recorded assets and liabilities, proper valuation, and the proper disclosure of information. Auditors review these assertions to ensure transparency and trustworthiness in financial reporting, ultimately helping stakeholders make informed decisions about the organization's performance and stability.