According to PCAOB Auditing Standard No.2201 (AS 2201),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 2201?
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 2201 identifies the assertion of "Valuation or Allocation," but not "Accuracy" as a separate assertion. "Accuracy" is often considered part of "Valuation or Allocation" or "Completeness."