Audit 101 - ASSERTIONS in plain English

#Audit #Assertions
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[@andresaguayo5093]

Thank you, you're so good at explaining things clearly and quickly!

[@breezearoha]

I'm so glad I found your channel! I'm currently studying auditing and your videos are super helpful. Thank you so much, from a student in Auckland, NZ :)

[@delmi5195]

You have been a life saver this whole semester! I wanted to THANK YOU for what you do; the detail, creativity and enthusiasm in every single one of your videos has helped me tremendously.

[@ilkinmusayev2906]

This is definitely the best explanations of Assertions on youtube, priceless content, hats off.

[@sami.ronin23]

You have been helping me pass my audit class all throughout my CPA process in Canada :) Thank you!

[@amandalovestoaudit]

Congratulations!! And I’m glad you’re finding the videos helpful ☺️

[@kierstonsaunders]

I am doing my CPA in Canada as well! 😊

[@GhaziaKitchen]

@@amandalovestoaudit thanks Amanda

[@hamadhimam6428]

GO Sami GO

[@jazeerahak4720]

Thank you Amanda for your great videos. Your concepts are really helpful and guide me so well in my exams . Awesome work ❤️❤️❤️

[@BetinahChileshe]

Thankyou for making it clear. Glad I found your videos

[@athisakb7806]

I've been looking for a channel like this for ages, I found your contents very helpful, Thank you

[@amandalovestoaudit]

Thank you!

[@lembemseteka9011]

Thanks alot Amanda, you really make auditing very easy

[@aaroacademy]

Great videos, both informative and inspiring.

[@agungparasara9261]

Thanks for the effort to make all the auditing videos. Very useful.

[@amandalovestoaudit]

You’re very welcome 😊

[@rinaldosatria630]

i love all of your videos! it really helps me a lot🙌🏻

[@amandalovestoaudit]

Thank you Rindaldo!

[@harindirumalka2066]

Very clear explanation!!Thank you for this 😀

[@Megan-Yoder]

Thank you for these videos! You are really great at presenting material so it makes sense.
And your kids are super cute!

[@amandalovestoaudit]

Thanks Megan!

[@mohammedasifuddin8422]

Absolutely .... precise yet informative

[@amandalovestoaudit]

Thanks Mohamed!

[@lucadiana2226]

High Quality content!

[@razamushahid]

You are serving for those who can't afford tuition.hatts off

[@amandalovestoaudit]

Thank you - comments like these are what makes it worthwhile 🙏😊

[@amycool7499]

Precise nd effective....
❤❤❤❤❤

[@luwamzumara4361]

Wow! Thank you so much for this❤

[@hollywood7120]

Thank you Ms Amanda, u may not know that u actually have helped me soooooo much!!!! After i watched your video, i am able to understand more on the assertions theory!!

[@amandalovestoaudit]

That is so great to hear!!!

[@snehas6702]

You make it should interesting. I like the way you explained the assertions.

[@amandalovestoaudit]

Thank you Sneha :) Good luck in your studies :)

[@sachinmayakrishnan7432]

good work Amanda.
thank you, cheers

[@amandalovestoaudit]

Thank you for watching Sachinmaya 🙏

[@wisemanemk]

From South Africa Thank you @ AmandaLovestoAudit very insightful beyond

[@thabilekhwela8481]

Thank you, I have been struggling with assertions but you made it easy to understand

[@amandalovestoaudit]

You’re so welcome ☺️

[@noragondwe2706]

Thank you! Well explained

[@wandrag1430]

This was a really great and informative video thank you Amy. It really summed up the work perfectly. I will definitely be looking for more of your videos as I continue my studies. 😉🇿🇦

[@amandalovestoaudit]

You’re so very welcome - good luck in your studies!

[@brianbenedict2975]

Great explanation!

[@butterflyeffect828]

U really rocked mam ....love with your lecture..... thanks a lot

[@brianjoseph2145]

Thank you so much, you are absolutely brilliant in how you explain things and present them in your videos. I am an Accounting major so Auditing is kinda boring to me, however you are making it very understandable and likeable. 😊😊😊 Thank you 🎉

[@0007CHIKU__Pradeepray]

Ur the torchbearer in Audit teaching... I am a big fan of u

[@amandalovestoaudit]

Thank you so much Pradeep for those kind words!

[@shwetarathore8779]

how wonderfully u explain each n everything thanku so much for giving us such videos

[@amandalovestoaudit]

You are very welcome! 😊

[@snezeloyenziwe2127]

It has been very useful, Thank you so much :)

[@Cookprayeat]

Thank you for making these videos :) It's so much easier to watch and understand with your charisma than listen to recorded powerpoints of my monotone online professor

[@amandalovestoaudit]

Thank you Lauren!

[@saraheme5048]

You are an amazing teacher! Thumbs up lady. 😘💫👍🏾

[@amandalovestoaudit]

Awww thank you Sarah! 🙏❤️

[@naveedshafiq2718]

hii

[@jamesbennett1634]

Assertions are the whole key to identifying risks of material misstatement. Thanks Amanda. I think the old 5 assertions had the virtue of being easier to remember. But the 13 are more complete. Important to distinguish between the balance sheet and income statement assertions, to keep clearer in your head.

[@amandalovestoaudit]

Thanks James! And you are spot on - without assertions we are just guessing!

[@enangbriney3863]

Am an Accounting final year student of Bsc. I use u like my inspiration to grow in the Accounting Industry

[@tvrashid]

I am from India, a CA aspirant.
Your videos are helpful in my studies. Thank You

[@WithSeb]

Amanda helping me pass Audit

[@T.H.Man.]

Your explanation is perfect. Thank you so much. I feeling more confident going into my acca exam on monday :)

[@amandalovestoaudit]

Good luck - you’ve got this 💪

[@chikeungchan2896]

Excellent elaboration

[@senurijayawickrama6295]

omg thank you so much for this!!!

[@amandalovestoaudit]

You are very welcome 😊

[@huongo7875]

Thank you so much! Your video is useful for me

[@amandalovestoaudit]

I'm so glad! Thanks for watching :)

[@erinburgess5864]

Thank you Amanda !!!!

[@amandalovestoaudit]

You're very welcome Erin!

[@nanagasimova9546]

Thanks a lot! You made it so clear! Greetings from Baku, Azerbaijan 🇦🇿

[@amandalovestoaudit]

You're so welcome Nana - thanks for studying with me 😊

[@cristinamari082013]

Wow thank you so much! you actually made me understand it haha. I was struggling with this one. Thanks again!!

[@amandalovestoaudit]

You’re welcome!

[@Alif0910]

terimaa kasihh amanda untuk videooo yang sangat membantu ini ,jika tidak kerana mu aku akan kesukaran dalam melakukann audit.Impian ku menjadi auditor seperti kamu

[@TKEDGE]

Thank you Amanda

[@Sunny-jj6tp]

Who else is a big 4 auditor watching this while trying to complete a audit lol.

[@amandalovestoaudit]

Lol - perhaps firms should be including this in their "just in case" training materials 😂

[@badgal_de_jesus]

EY's auditor here 😹🙋🏿‍♀️

[@tyrakamarudin7106]

omg i finally understand this topic T_T like really understand it all not by memorising it T_T thank you so much lovely Amanda!!

[@amandalovestoaudit]

Yay! Better to understand than memorise 😊

[@toniakparteh8964]

This topic was helpful for me. I'm from Liberia 🇱🇷

[@buredtx]

Thank you for sharing.

[@xolaniposwa2974]

I am amazed at the way you simplify Auditing, I just hope I did not waste my money on tuition providers are complicating the whole subject. Thank you for your videos.

[@amandalovestoaudit]

You’re welcome Xolani ☺️

[@user-ix2il2en3s]

Helpful for me ❤

[@huskyfam7732]

thank you so much for this! much love from the Philippines

[@amandalovestoaudit]

Thank you for watching!

[@itaimandinga84]

Greatest thanks, all is well 🙏

[@amandalovestoaudit]

Thank you 😊

[@meh5756]

Nice explanations

[@mihlalintloko7719]

thank you very much, this clear

[@amandalovestoaudit]

You’re welcome!

[@xXnukerrrXx]

Hi Amanda - I was wondering if you can show a video explaining relevant assertions being tested? My understanding is all assertions will be tested one way or another. However, there will always be assertion(s) the auditor will focus around as this is most efficient and effective to conduct the audit e.g. focusing procedures such as unrecorded liabilities and performing recalculation on a sample recorded in the subledger when testing the assertions: C and A&A for accruals?

[@amandalovestoaudit]

Hi! I have lots of content in this area - check out the “Gathering evidence” section of my audit study guide. I have many worked examples of how we’d test substantively for the assertions over different accounts and companies ☺️
amandalovestoaudit.com/learning-resources/audit-study-guide/gathering-audit-evidence/

[@tj6544]

Brilliant!

[@amandalovestoaudit]

Thank you TJ!

[@mohafzal2790]

have my acca advanced audit and assurance exam coming up next month, and these short videos are really helpful, your tip about designing substantive procedures was to make a table
Accuracy Completeness Cut-off Allocation Classification Occurance Valuation Existence Rights and Obligations
Analytical
Enquiry/confirmation
Inspection
Observation
recalcUlation
this was a lifesaver in my previous exam

[@amandalovestoaudit]

Excellent to hear!

[@graciousfesto350]

Is this Tip in this video or its in another video. I will be seating for ACCA Audit exam

[@boitumelosereto3827]

@@graciousfesto350 m Azzaro! :% "':) :9.
!

[@newlife4148]

Thnx a lot for wonderful lectures.
World best Auditing lecturer
U r a gift of God 🙏🙏🙏

[@amandalovestoaudit]

Awww thank you ☺️

[@sengyanwang4309]

helpful information thanks

[@praymoregudyanga1380]

Thank you Dr

[@amandalovestoaudit]

You’re welcome ☺️

[@tj6544]

You are one gifted lecturer. I have been memorizing assertions all these time without truly knowing what they really mean.
Is it fair to say when management hand over the financial statements to the auditors they are asserting it is true and fair and free from material misstatements.
The auditor in turn says really ? Let me check if indeed what you are asserting is true.
So they check if transactions occured, if they are complete,if the dollar value is accurate, if it's in the right FY, if transactions are categorized in the correct class and well presented in accordance to the applicable accounting standard.
Then do the same to the balance sheet figures.

[@amandalovestoaudit]

You are spot on! Understanding audit is a key to providing audits of high quality 😊

[@mdaoud1981]

Thanks alot

[@yankeedoodle3485]

Thanks so much for your videos Amanda. It's really helping me in my preparations for my Audit Paper in March this year. I would like to know when to apply Assertions in answering questions. Are they linked to when you conducting Test of Controls or when carrying out Substantive testing?...So the Question is When and How is "assertion" applied during an audit work. Thank you

[@amandalovestoaudit]

Hi YD - you generally focus on assertions during substantive testing, but in my latest video - there is one way that they can be used for internal controls when trying to detect weaknesses.

[@linsanity626]

Thank you for your videos! I was wondering how ITGC controls would relate to these financial statement assertions? What are good examples where they would be relevant?

[@sisaxazana309]

Great staff, thank you!
May you also please do videos on ISAs or it is still safe to use the ones you made last year?

[@amandalovestoaudit]

Hi Sisa! All the ones from last year are still good ☺️

[@sisaxazana309]

@@amandalovestoaudit Okay lovely😊

[@shekharthapaliya8369]

Thank you miss .. you follower from Nepal 🇳🇵🇳🇵🇳🇵🇳🇵

[@amandalovestoaudit]

Thank you Shekhar!

[@nurafifahsyaharudin1845]

thank you thousands times

[@amandalovestoaudit]

You're welcome a thousand times!

[@mnasserYT]

I wonder how they are applicable to tech audits.
In fact, I was just watching an old video of you showing how to use assertions to design audit procedures. It’ll be awesome if we can use them to design tech audit procedures .
BTW, thanks a lot Amanda :)

[@amandalovestoaudit]

Hi Moe! Do you mean audits where the internal controls are mostly tech based?
Regardless of whether controls are manual/human or tech (whether simple field checking or more complex AI) - the principles should remain the same. But it does mean that the auditor’s understanding of the process needs to be deeper in the tech side.
Eg if an algorithm is used to check something - who designed the algo? Could it be biased? How do we check if it has a flaw?

[@mnasserYT]

AmandaLovesToAudit
Thanks Amanda.
Yes actually, it is all about IT. I recently made the shift from IT to Tech Audit, and learning a lot from your videos.
Thanks for the efforts :)

[@Surya99999]

I'm a CA student from India and you are amazing.

[@amandalovestoaudit]

Thank you!

[@mariaprokofieva1923]

Amanda, what software do you use for recording? Also, the notes feature is awesome! What do you use for it?

[@amandalovestoaudit]

Hi Maria - I’m recording my screen on my iPad Pro 😊
I love electronic note taking! I use OneNote at work, Notability for personal things and UA-cam.

[@shoppergal6049]

Your videos are always very clear Amanda, keep up the good work! Could you also provide videos regarding the subjects for Chartered Accountants like Taxation and management? I am thinking of getting mine soon.

[@amandalovestoaudit]

Hi Shoppergal - unfortunately I'm not a subject matter expert in tax and management accounting. I will see if anyone I know is making content in this area and see what I can recommend

[@shoppergal6049]

@@amandalovestoaudit That would be great 😄

[@gabriellaaluko9045]

Please could you do the practical aspect of what you thought using excel, thanks.

[@abhishekm7785]

Pwoli

[@triphenry8687]

Ma'am are these assertions made by the management when the auditor conducts the process of vouching and verification?
Love your videos!

[@amandalovestoaudit]

Sort of. Mgmt’s “assertions” are the numbers they put forward to us. They assert this is the true financial position of the company. We then test their assertions against our audit assertions. Does that help clarify?

[@triphenry8687]

@@amandalovestoaudit our audit assertions as in existence, completeness, accuracy and valuation of transactions and account balances etc?
(Thank you for your help Ma'am)

[@shivam3853]

Thank you mam I got clarity on doubt thank you once again
For which course u tech mam
Huge respect from India

[@amandalovestoaudit]

Any time Shivam ☺️

[@chocymachado]

hello Amanda im looking at the account of intellectual property. which would you say is the key assertion from the balance assertion. would i be correct in saying rights and obligations(holds control and rights to intangibles) and also accuracy, valuation and allocation (intellectual property estemation uncertainty).... would existance apply or only to tangibles?

[@amandalovestoaudit]

Hi! A great question - I’d actually say that Existence & R+O are equally where you’d start and they go together. Examining patents etc would help you do both. And then AVA

[@satanist9902]

Is there a significant difference between accounting framework used by the IFRS and Australian accounting standard

[@mcrijus1641]

Thanks

[@CoolAce1-dv1pn]

You explain this very well but after taking a few accounting courses I realized it's not for me. The subject is just way too tedious for me.

[@eyempty]

Are assertions applicable to an organization's policies? A non-matching policy can materially affect an organization. Right? Like stay home policy did to businesses & economies. You are ever appreciated. Thanks

[@amandalovestoaudit]

Hi Ibrahim - it could be - as a way to determine whether internal controls are appropriate.

[@emmanuelesekhile7443]

What is the difference between allocation and classification?

[@kumarrajagoolisetty9500]

Thanks mam

[@amandalovestoaudit]

You're very welcome!

[@aneesjassim79]

Very helpful thank you dr

[@amandalovestoaudit]

You are so welcome!

[@s4sumeetmishra]

#Assertions,
I do remember when i was very new to the #audit, this particular word irritated me alot.
Because everyone was giving me the examples of #assertions and they never gave me the exact meaning.
Hope this will help New one(s).

[@amandalovestoaudit]

Thanks Sumeet - coming up next week will be some applied examples :)

[@nitinbhalla3391]

Assertions

[@Nehas06]

thenkewww

[@enkievatoes270]

Basically you can totally replace my totally useless lecturer…Yeah for free!

[@MusaCyrealSekatane]

Helpful but just like class I fell asleep.

[@amandalovestoaudit]

😂😂😂

[@DollarBillsCorner]

The kids are cute though lol.

[@amandalovestoaudit]

Thanks! Makes up for their cheekiness and ability to find trouble 😂

[@chishalalibongani356]

kindly share your email

[@amandalovestoaudit]

Hi - in my "About" info on my YT page - ua-cam.com/users/AmandaLovesToAuditabout