The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, 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 mentioned relates to the valuation or allocation assertion because it focuses on ensuring that investments, investment revenues, and realized and unrealized gains and losses are reported at their proper amounts, which is directly related to their valuation and the appropriate allocation in the financial statements.

The Specific Audit Objective for the Audit of Investments, investment