When a client hands the financial statements to the auditor,he makes the following assertion about the financial statements
A)Existence or occurrence -for both classes of transactions and account balances
B)Completeness - for account balances
C)Valuation and allocation - for both classes of transactions and account balances
D)Cutoff - for both classes of transactions and account balances

Question

Quizplus · Accepted Answer

The existence or occurrence assertion is made for both classes of transactions and account balances when the client hands the financial statements to the auditor. This assertion means that the reported transactions and account balances actually exist and have occurred during the period being audited.

When a Client Hands the Financial Statements to the Auditor,he