The AICPA guidance defines fourteen management assertions, and the PCAOB standards utilize six.

Question

Quizplus · Accepted Answer

The AICPA guidance categorizes management assertions into three categories: transactions and events, account balances, and presentation and disclosure, not fourteen. The PCAOB standards identify management's assertions within significant accounts and disclosures in financial statements, but they focus on the auditor's responsibility to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, rather than specifying a fixed number of assertions.

The AICPA Guidance Defines Fourteen Management Assertions, and the PCAOB