Management implements internal controls to ensure that all required footnote disclosures are accurate. Auditors tests those controls to provide evidence supporting the ________ presentation.
A) completeness and valuation
B) completeness and accuracy
C) rights and obligations and existence
D) occurrence and accuracy

Question

Quizplus · Accepted Answer

Internal controls are implemented to ensure not only completeness but also accuracy of footnote disclosures. Auditors test these controls to provide evidence supporting both completeness and accuracy of the presentation. Therefore, choice B is the best answer. The other choices are not directly related to the purpose of implementing internal controls for footnote disclosures.

Management Implements Internal Controls to Ensure That All Required Footnote