|A company’s financial managers are responsible for accurately reporting all of the organization’s financial activities, which are explicit or implicit assertions a company makes concerning its financial statements: the balance sheet, income statement, and cash-flow statement.|
Why do I need this?– Assertions are the company’s official statement that the figures in the financial report are a truthful presentation of its assets and liabilities.
– To ensure financial report accuracy and compliance, the company’s CFO should preemptively assess all internal controls before the reports are closed.
Download the Financial Statement Assertion ChecklistGet the list of six areas when assertions are required, as well as the list of questions your CFO should be asking to preemptively assess all internal controls.
By answering these questions and others like them, the company’s CFO has the opportunity to correct any flaws. The end result of proactively implementing this type of system is that the CFO can be confident that the right internal controls are in place to ensure fair and accurate financial reports.