Occurrence is not typically a significant assertion as the primary objective in testing for occurrence is to ensure that costs and expenses are not overstated.

Question

Quizplus · Accepted Answer

The statement correctly suggests that occurrence is not typically a significant assertion in financial statement audits as it mainly focuses on preventing overstatement of costs and expenses. Other assertions such as completeness, accuracy, valuation, and presentation and disclosure are more critical in ensuring the overall reliability and fairness of financial statements.

Occurrence Is Not Typically a Significant Assertion as the Primary