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    Assertions of Compliance With Accountability Requirements

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    louvelle
    When public officers submit financial reports and statements to oversight commissions, they are asserting that they have complied with accountability requirements. Assertions refer to explicit or implicit claims made by management in documents regarding compliance. When agencies report expenditures, they are asserting funds were used as intended by law. Financial reports assert that assets exist and are owned by the agency, transactions are complete, assets and liabilities are properly valued and classified, and resources have been managed economically, efficiently, and effectively to achieve goals. Performance is measured in terms of economy, efficiency, and effectiveness.

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    Assertions of Compliance With Accountability Requirements

    Uploaded by

    louvelle
    48 views2 pages
    When public officers submit financial reports and statements to oversight commissions, they are asserting that they have complied with accountability requirements. Assertions refer to explicit or implicit claims made by management in documents regarding compliance. When agencies report expenditures, they are asserting funds were used as intended by law. Financial reports assert that assets exist and are owned by the agency, transactions are complete, assets and liabilities are properly valued and classified, and resources have been managed economically, efficiently, and effectively to achieve goals. Performance is measured in terms of economy, efficiency, and effectiveness.

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    When public officers submit financial reports and statements to oversight commissions, they are asserting that they have complied with accountability requirements. Assertions refer to explicit or implicit claims made by management in documents regarding compliance. When agencies report expenditures, they are asserting funds were used as intended by law. Financial reports assert that assets exist and are owned by the agency, transactions are complete, assets and liabilities are properly valued and classified, and resources have been managed economically, efficiently, and effectively to achieve goals. Performance is measured in terms of economy, efficiency, and effectiveness.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    48 views2 pages

    Assertions of Compliance With Accountability Requirements

    Uploaded by

    louvelle
    When public officers submit financial reports and statements to oversight commissions, they are asserting that they have complied with accountability requirements. Assertions refer to explicit or implicit claims made by management in documents regarding compliance. When agencies report expenditures, they are asserting funds were used as intended by law. Financial reports assert that assets exist and are owned by the agency, transactions are complete, assets and liabilities are properly valued and classified, and resources have been managed economically, efficiently, and effectively to achieve goals. Performance is measured in terms of economy, efficiency, and effectiveness.

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    Assertions of Compliance with Accountability Requirements

    When public officers and employees submit to the Commission their transactions,
    accounts, financial reports and statements and other performance and operation reports, they
    are asserting or claiming that they have complied with the foregoing accountability
    requirements.

    What is Assertions?

    Assertion is the expressed or implied representation by management that is reflected in


    their transactions, accounts, financial statements, records, reports and that they are claiming
    that they have complied with the accountability requirements of the state policy.

    Assertions on Compliance with Laws and Rules

    When expenditures, disbursements, receipts and collections are reported to the


    appropriate authorities, management is making claim that so much amount has been disbursed
    or so much amount have been collected in payment of goods and services received or rendered
    in accordance with laws, rules, applicable policies and practices.

    Assertion on Resources Duly Safeguarded

    When the agencies issue their financial reports and statements they are asserting the
    following:
    1. Existence or Occurrence - This deals with whether assets or liabilities of the audited
    agency actually exist at a given date, and whether recorded transactions have occurred
    during the given period.

    2. Completeness This deals with whether all transactions and accounts that should be
    presented in the financial statements are included.

    3. Rights and Obligations - This deals with whether assets are actually owned by the
    agency and liabilities are the obligation of the agency at a given date.

    4. Valuation or Allocation - This deals with whether or not the asset, liability, revenue and
    expenses components have been included in the financial statements at appropriate
    amounts.
    5. Presentation and Disclosure This deal on whether particular components of the
    financial statements are properly classified, described and disclosed.

    Assertions on Achievement of Goals and Objectives (Performance or Value for Money


    Accountability)

    When the agencies prepare and submit to proper authorities their reports on the
    performance of an activity or a project, the agency is asserting that they used and managed the
    resources for that activity or project in an economical, efficient and effective manner.

    Performance of government entities is measured from the point of view of economy, efficiency
    and effectiveness.
    Economy refers to the reasonableness of cost incurred. Measuring economy will determine
    whether the agency has been performing at the least possible cost or under the terms most
    advantageous to the government.

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