Milushka Icaza, who was representing her CPA firm at a conference, made the following statement about assertions: When our auditors conduct substantive procedures, we search for
Evidence that recorded accounts exist and that all accounts that should have been recorded, indeed have been recorded. Which assertions was she talking about?
A) rights and obligations
B) accuracy, valuation, and allocation
C) occurrence and completeness
D) none of the above

Question

Quizplus · Accepted Answer

Milushka Icaza is referring to the assertions of occurrence and completeness. The occurrence assertion refers to whether transactions and events that have been recorded actually occurred, while the completeness assertion refers to whether all transactions and events that should have been recorded have been recorded.

Milushka Icaza, Who Was Representing Her CPA Firm at a Conference