According to PCAOB Auditing Standard No.5 (AS 5),the auditor should identify significant accounts and disclosures and their relevant assertions.Which of the following financial statement assertions is not explicitly identified in AS 5?
A) Completeness
B) Valuation or Allocation
C) Accuracy
D) Existence or Occurrence
E) All of these are assertions identified in AS 5.

Question

Quizplus · Accepted Answer

AS 5 does not explicitly identify "Accuracy" as a separate assertion; it is typically considered part of the "Valuation or Allocation" assertion.