When auditing the gains or losses on refinancing debt,the auditor primarily focuses on which assertion?
A)Completeness.
B)Existence.
C)Valuation.
D)Presentation and disclosure.

Question

Quizplus · Accepted Answer

When auditing the gains or losses on refinancing debt, the auditor primarily focuses on Valuation assertion because it is necessary to ensure that the gains or losses on refinancing debt have been accurately measured and recorded at the correct amounts. This ensures that the financial statements are fairly stated and in compliance with the accounting standards. Completeness, existence, and presentation and disclosure assertions are also important but are not the primary focus in this scenario.

When Auditing the Gains or Losses on Refinancing Debt,the Auditor