In many audits, no substantive tests of transactions are made for the ________ assertion on the grounds that understatement of sales is not a concern.
A) accuracy
B) existence
C) completeness
D) none of the above

Question

Quizplus · Accepted Answer

In many audits, the completeness assertion is not substantively tested for transactions related to sales because the primary concern is usually overstatement rather than understatement of sales. The completeness assertion addresses whether all transactions that should have been recorded have been recorded, and in the context of sales, auditors often focus more on whether sales have been overstated rather than understated.

In Many Audits, No Substantive Tests of Transactions Are Made