Auditors test the assertion of completeness by determining if any restrictions on the use of commercial paper by an entity are disclosed in the footnotes.

Question

Quizplus · Accepted Answer

Auditors test the assertion of completeness primarily to ensure that all transactions and accounts that should be included in the financial statements are indeed included. Testing for restrictions on the use of commercial paper would relate more to the assertion of disclosure or rights and obligations, not completeness.

Auditors Test the Assertion of Completeness by Determining If Any