Which assertion is generally the most relevant when auditing the restrictions contained in debt?
A)Completeness.
B)Valuation.
C)Proper presentation and disclosure.
D)Existence.

Question

Quizplus · Accepted Answer

Proper presentation and disclosure is the most relevant assertion when auditing the restrictions contained in debt as it ensures that the information regarding the restrictions is presented accurately and completely in the financial statements. It is important for users of financial statements to understand the nature and extent of any restrictions on the company's debt, and proper presentation and disclosure helps ensure that this information is clear and understandable. While completeness, valuation, and existence are also important assertions, they are not as directly relevant to auditing the restrictions contained in debt as proper presentation and disclosure.

Which Assertion Is Generally the Most Relevant When Auditing the Restrictions