The three audit assertions particularly important to enable the auditor to conclude that there are no material misstatements in cash as at year-end are:
A) existence, completeness and classification.
B) rights and obligations, cut-off and occurrence.
C) occurrence, completeness and accuracy.
D) classification, occurrence and valuation.

Question

Quizplus · Accepted Answer

Existence, completeness, and classification are key assertions for cash. Existence ensures the cash balance is real, completeness ensures all cash transactions are recorded, and classification ensures transactions are recorded in the correct accounts.

The Three Audit Assertions Particularly Important to Enable the Auditor