With increases in the complexity of transactions and the need for expanded disclosures about these transactions, assertions about the ________ have increased in importance.
A) existence
B) account balances
C) presentation and disclosure
D) classes of transactions

Question

Quizplus · Accepted Answer

Assertions about presentation and disclosure have become more important as transactions become more complex and require expanded disclosures. This is because the financial statements are not only a reflection of a company's financial performance, but also the quality of the information that is being presented to stakeholders. As a result, auditors must ensure that the information in the statements is presented fairly and accurately. Assertions about the existence of transactions, account balances, and classes of transactions are also important, but not specifically related to expanded disclosures.

With Increases in the Complexity of Transactions and the Need