When designing audit procedures, tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy what assertion?
A) valuation
B) cutoff
C) completeness
D) classification

Question

Quizplus · Accepted Answer

Tracing of source documents to the customers subsidiary ledger and subsequently to the general ledger is done to satisfy the completeness assertion, which ensures that all transactions and events have been recorded and that there are no omissions in the financial statements.

When Designing Audit Procedures, Tracing of Source Documents to the Customers