The specific audit objective, cash balances are properly identified and classified in the balance sheet, 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

This objective relates to the presentation or disclosure assertion because it concerns how cash balances are reported and classified in the financial statements, ensuring they are accurately depicted in accordance with the applicable financial reporting framework.

The Specific Audit Objective, cash Balances Are Properly Identified and Classified