When management presents the financial statements to the auditor,management makes several assertions about the financial statements.Which of the following is not one of these assertions?
A)residence
B)valuation and allocation
C)accuracy
D)classification

Question

Quizplus · Accepted Answer

Residence is not an assertion made by management about the financial statements. The four key assertions made by management are: 
1) Valuation and allocation: all transactions and balances are recorded at the appropriate amounts 
2) Accuracy: amounts and other data have been recorded appropriately and are free from material misstatements 
3) Classification: transactions and balances are properly classified 
4) Completeness: all transactions and balances that should have been recorded have been recorded.

When Management Presents the Financial Statements to the Auditor,management Makes