If the auditor is testing long-lived asset account balances to see if they include all relevant transactions that have taken place during the period,what is the primary assertion being tested?
A)Presentation and disclosure.
B)Existence.
C)Completeness.
D)Valuation.

Question

Quizplus · Accepted Answer

The completeness assertion is being tested to ensure that all relevant transactions have been recorded in the long-lived asset account balances. This will help the auditor identify any missing or unrecorded transactions that could affect the overall completeness of the financial statements.

If the Auditor Is Testing Long-Lived Asset Account Balances to See