The audit objective specifying that "all recorded assets,liabilities,and transactions represent real assets,liabilities,revenues,and expenses" is related most closely to which assertion(s)?
A)Existence or occurrence.
B)Rights and obligations.
C)Completeness.
D)Presentation and disclosure.

Question

Quizplus · Accepted Answer

This audit objective focuses on ensuring that all recorded transactions actually occurred and all the assets and liabilities mentioned in the financial statements exist. Therefore, it is related most closely to the assertion of existence or occurrence, which states that the reported transactions and balances exist and have occurred.

The Audit Objective Specifying That "All Recorded Assets,liabilities,and Transactions Represent