In the audit of accounts receivable, the most important emphasis should be on the:
A)completeness assertion.
B)existence assertion.
C)rights and obligations assertion.
D)presentation and disclosure assertion.

Question

Quizplus · Accepted Answer

The existence assertion is the most important emphasis in the audit of accounts receivable because it ensures that the accounts receivable balances actually exist and are valid. This is important in preventing overstatement of accounts receivable and potential fraud.

In the Audit of Accounts Receivable, the Most Important Emphasis