Risk-based performance

Used in the context of published financial statements, reliability is defined as the preparation of financial statements fairly presented in conformity with generally accepted (or other relevant and appropriate) accounting principles and regulatory requirements for external purposes, within the context of materiality. Supporting fair presentation are the five basic financial statement assertions:

1. existence or occurrence,
2. completeness,
3. rights and obligations,
4. valuation or allocation, and
5. presentation and disclosure.

When applied to interim or condensed financial statements or selected data derived from such statements, the factors representing fair presentation and the assertions apply only to the extent they are relevant to the presentation.

Source : COSO Integrated Internal Controls Framework