The specific audit objective, recorded cash balances exist at the balance sheet date, is derived from the: A) existence or occurrence assertion. B) completeness assertion. C) rights and obligations assertion. D) valuation or allocation assertion. E) presentation or disclosure assertion.

Question

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The specific audit objective that recorded cash balances exist at the balance sheet date is derived from the existence or occurrence assertion. This assertion concerns whether assets or transactions recorded in the financial statements actually exist at a given date.

The Specific Audit Objective, recorded Cash Balances Exist at the Balance