In auditing intangible assets, an auditor would determine if the valuation model used by the specialist is appropriate and consistent with GAAP in support of management's financial statement assertion of:
A)valuation and allocation.
B)existence.
C)completeness.
D)rights and obligations.

Question

Quizplus · Accepted Answer

In auditing intangible assets, auditors should assess if the valuation model used by the specialist aligns with GAAP and is consistent with the management assertion of valuation and allocation. This assertion confirms whether the carrying amount of the intangible assets is reasonable and in line with the market value. Therefore, choice A is the most appropriate option. The other assertions such as existence, completeness, and rights and obligations are related to different audit areas and not relevant to the auditing of intangible assets.

In Auditing Intangible Assets, an Auditor Would Determine If the Valuation