Completeness is a financial statement assertion and one of the three categories of misstatement. The assertion of completeness may relate to:
For example, management may assert that accounts receivable are complete, valid and accurate. In relation to the assertion of completeness, this means that management assert that all valid account balances relating to the financial statement item "accounts receivable" (e.g. trade accounts receivable, wholesale accounts receivable, provision for doubtful debts, etc.) have been included in the financial statement item.
For example, management may assert that the account balance "retail inventory" is complete, valid and accurate. In relation to the assertion of completeness, this means that management assert that all valid items of retail inventory (i.e. all retail inventory items that exist and that are owned by the entity) have been included in the account balance.
For example, management may assert that the class of transactions known as "sales transactions" is complete, valid and accurate. In relation to the assertion of completeness, this means that management assert that all valid sales (i.e. all sales that have occurred and do pertain to the entity) have been included in the class of transactions known as "sales transactions".
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