Management assertions are
A)stated in the footnotes to the financial statements.
B)implied or expressed representations about the accounts in the financial statements.
C)explicitly expressed representations about the financial statements.
D)provided to the auditor in the engagement letter,but are not disclosed on the financial statements.

Question

Quizplus · Accepted Answer

Management assertions are implied or expressed representations about the accounts in the financial statements. These assertions are made by management and form the basis for the auditor's work in providing an opinion on the financial statements. They are not stated in the footnotes, explicitly expressed, or provided solely in the engagement letter (although a portion of them may be covered in the engagement letter).

Management Assertions Are