Valuation is generally considered to be the same as existence by practicing auditors.

Name: Valuation is generally considered to be the same as existence by practicing auditors.
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Question

Quizplus · Accepted Answer

Valuation and existence are two distinct audit assertions. Valuation refers to ensuring that assets, liabilities, and equity interests are recorded at appropriate amounts, while existence verifies that assets, liabilities, and equity interests actually exist.

Valuation Is Generally Considered to Be the Same as Existence