What is financial assertion in SAP GRC-SPC - GRC Process Controls for SAP?

SAP Term: financial assertion

• Component: GRC-SPC

• Component Name: GRC Process Controls for SAP

• Description: A declaration made by management about an entity's financial statement regarding significant accounts. Financial assertions cover completeness, existence or occurrence, rights or obligations, valuation or allocation, presentation, and disclosure. For example, a financial assertion might declare that the financial statements reflect a complete record of all financial transactions performed by an organization in a specific period. The declaration or assertion of completeness is tested by an auditor, who looks at the controls that support that statement.

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• Key Concepts: 
  Financial assertion is a term used in SAP GRC Process Controls for SAP. It is a statement of fact that is used to validate the accuracy of financial data. Financial assertions are used to ensure that the financial data is accurate and complete, and that it meets the requirements of the organization. 
  
  How to use it: 
  Financial assertions are used to validate the accuracy of financial data in SAP GRC Process Controls for SAP. They are used to ensure that the financial data is accurate and complete, and that it meets the requirements of the organization. Financial assertions can be used to identify discrepancies between actual and expected results, as well as to identify potential risks or areas of improvement. 
  
  Tips & Tricks: 
  When creating financial assertions, it is important to ensure that they are specific and measurable. This will help ensure that they are effective in validating the accuracy of financial data. Additionally, it is important to review financial assertions regularly to ensure that they remain up-to-date and relevant. 
  
  Related Information: 
  Financial assertions are closely related to other concepts such as internal controls, risk management, and audit processes. Understanding these concepts can help organizations better understand how financial assertions can be used to validate the accuracy of financial data.