Management assertions are
A) directly related to the financial reporting framework used by the company, usually U.S. GAAP or IFRS.
B) stated in the footnotes to the financial statements.
C) explicitly expressed representations about the financial statements.
D) provided to the auditor in the assertions letter, but are not disclosed on the financial statements.

Question

Quizplus · Accepted Answer

Management assertions are fundamental claims made by the management regarding the accuracy of the financial statements and are directly related to the financial reporting framework used by the company, such as U.S. GAAP or IFRS. These assertions form the basis upon which financial statements are prepared and audited.

Management Assertions Are