The valuation/allocation and completeness assertions are usually the most relevant for auditing cash.

Question

Quizplus · Accepted Answer

The existence and rights and obligations assertions are usually the most relevant for auditing cash, as auditors primarily focus on verifying that the cash balances exist and that the entity has rights to those balances. Valuation/allocation and completeness are more relevant to other areas of financial statements.

The Valuation/allocation and Completeness Assertions Are Usually the Most Relevant