Completeness Assertion
Accounting glossary · Understand, connect, apply
The completeness assertion concerns whether transactions, balances or disclosures that belong in the financial statements have been included.
Example
An auditor checks supplier invoices received after year-end for purchases that should have been included in year-end payables.
Remember the difference
A test for missing items often starts with documents outside the ledger and follows them into the records.
Browse the accounting glossary · PCAOB reference: AS 1105
Prepared with AI assistance. Examples are fictional and simplified for learning.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
← Return to the accounting glossary