Difference between reasonable assurance and absolute assurance

What is completeness in auditing?

The completeness concept in auditing comes from the notion that the management asserts in the financial statement that all balances and transactions in the financial statements have been recorded.

During the audit, the auditor must perform the substantive procedures to ensure that all transaction and account balances have been recorded in the accounting records and financial statements. The test of completeness starts by tracing supporting documents such as sales invoices to the accounting ledgers and financial statements.

Therefore, completeness is the financial statement assertion which means that all transactions and account balances have all been included in the financial statements.

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