What are asserted claims and unasserted claims? pcaob as 2505.02 says that "management is responsible for adopting policies and procedures to identify, evaluate and account for litigation, claims and assessments as a basis for preparation of financial statements in conformity with generally accepted accounting principles." as stated by aicpa asc 450-20-25-1, claims against a company might have probable, reasonably probable and remote outcome. any claim made against a company may have either a favorable of unfavorable outcome. if claims have unfavorable outcome, they are asserted claims. on the other hand, unasserted claims are claims that are "potential." the reason they are potential is that the claims have yet to be made, but the entity has a risk of loss due to their prior actions.