In performing substantive tests on account balances,the auditor performs tests for all five assertions.

Question

Quizplus · Accepted Answer

In performing substantive tests on account balances, the auditor focuses on the relevant assertions for those balances, which may not always include all five assertions (completeness, accuracy, valuation and allocation, rights and obligations, and existence or occurrence). The specific assertions tested depend on the risk assessment and the nature of the account balance.

In Performing Substantive Tests on Account Balances,the Auditor Performs Tests