The audit objective that all the transactions and accounts presented in the financial statements represent real assets, liabilities, revenues, and expenses is related most closely to which of the PCAOB assertions?
A)Existence or occurrence.
B)Rights and obligations.
C)Completeness.
D)Presentation and disclosure.

Question

Quizplus · Accepted Answer

The assertion of existence or occurrence relates to the completeness and accuracy of the recorded transactions and events in the financial statements, ensuring that all assets, liabilities, revenues, and expenses actually exist and have occurred during the period under review. This assertion applies to audit objective of verifying the reality of the transactions and accounts presented in the financial statements.

The Audit Objective That All the Transactions and Accounts Presented