Relevant assertions have a meaningful bearing on whether the account is fairly stated and are used to assess the risk of material misstatement and the design and performance of audit procedures.

Question

Quizplus · Accepted Answer

Relevant assertions are key areas or assertions that have a significant impact on whether the financial statements are fairly stated. These assertions are used by auditors to assess the risk of material misstatement and to design and perform audit procedures that are appropriate and effective in detecting any potential misstatements. Therefore, they are essential in the audit process and have a meaningful bearing on the overall assessment of the financial statements' fairness.

Relevant Assertions Have a Meaningful Bearing on Whether the Account