Which set of assertions are tested when, during completion of the audit, the audit partner conducts a final review of the format of the entity's financial report?
A)Assertions about classes of transactions and events.
B)Assertions about account balances at the period end.
C)Assertions about presentation and disclosure.
D)None of the given answers are correct.

Question

Quizplus · Accepted Answer

The final review of the format of the entity's financial report primarily pertains to assertions about presentation and disclosure, as it involves ensuring that the financial statements are presented in accordance with the applicable accounting standards and that all necessary disclosures have been made. Assertions about classes of transactions and events and assertions about account balances at the period end are typically tested through substantive testing procedures performed throughout the audit, rather than through a final review of the financial report format.

Which Set of Assertions Are Tested When, During Completion of the Audit