The specific audit objective for the audit of investments, investment balances are properly identified and classified in the financial statements, relates to the: A) existence or occurrence assertion. B) completeness assertion. C) rights and obligations assertion. D) valuation or allocation assertion. E) presentation or disclosure assertion.

Question

Quizplus · Accepted Answer

The specific audit objective for ensuring that investment balances are properly identified and classified in the financial statements relates to the presentation or disclosure assertion. This assertion concerns how investments are presented in terms of their classification, description, and disclosure in the financial statements, ensuring that the information is accurately portrayed and understandable to the users of the financial statements.

The Specific Audit Objective for the Audit of investments, Investment