Management assertions are best defined as ________.
A)sometimes being present in the financial statements, and sometimes not.
B)optional items for the auditor to check
C)representations by management, explicit and implicit, contained within the financial statements.
D)management communications with an attorney

Question

Quizplus · Accepted Answer

Management assertions are statements made by management within financial statements that represent their implicit or explicit representations. They are generally not optional items for the auditor to check, but rather an integral part of the auditing process. While management may communicate with an attorney, this is not typically considered a management assertion.

Management Assertions Are Best Defined as ________