The specific audit objective, year-end transfers of cash between banks are recorded in the proper period, 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

Quizplus · Accepted Answer

The completeness assertion states that all transactions and events that should have been recorded have been recorded. In this case, the specific audit objective is to ensure that all year-end transfers of cash between banks have been recorded in the proper period. This is a completeness assertion because it is concerned with whether all transactions have been recorded.

The Specific Audit Objective, Year-End Transfers of Cash Between Banks