The occurrence assertion for revenue transactions is an issue for auditors since customers are more prone to overstate revenues than to understate them.
To ascertain if the transactions listed on financial statements actually occurred, apply the occurrence assertion. This can be anything from authenticating trade receivables balances by confirming that a sale occurred on the designated day to confirming that a bank deposit has been completed.
To guarantee that financial records and disclosures are accurate and appropriate, assertions need to be evaluated. Financial statements are correctly reported if all assertions for pertinent transactions or balances are met.
The need to check for revenue transfers cannot be overstated. The biggest challenge for the majority of organizations will be reversing figures from the general ledger or sales journal to source documents (invoices, shipping documentation, etc.).
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