What are relevant assertions?
A)relevant assertions are the assertions related to the income statement or balance sheet account that must be correct if the auditor says the financial statements are correct
B)relevant assertions are the assertions related to the income statement or balance sheet account that must be correct if the auditor says the financial statements are materially correct
C)relevant assertions are the assertions related to the income statement or balance sheet account that might be correct if the auditor says the financial statements are materially correct
D)relevant assertions are the assertions related to the income statement or balance sheet account that should be correct if the auditor says the financial statements are correct

Question

Quizplus · Accepted Answer

Relevant assertions are the specific items or topics in financial statements that the auditor must address to determine whether the financial statements are materially correct. These assertions are related to both the balance sheet and the income statement. Therefore, the relevant assertions must be correct when the auditor expresses that the financial statements are materially correct.

What Are Relevant Assertions