The audit objective that all balances include items owned by the client is related most closely to which one of the ASB balance assertions?
A)Existence.
B)Rights and obligations.
C)Completeness.
D)Valuation.

Question

Quizplus · Accepted Answer

The audit objective that all balances include items owned by the client is most closely related to the "Rights and obligations" assertion. This assertion concerns whether the entity has the rights to the assets listed and the obligations related to the liabilities recorded, ensuring that the entity owns or has legal rights to the assets reported on its balance sheet.

The Audit Objective That All Balances Include Items Owned by the Client