Question

6- If the auditor wants to verify that all the cash and investments shown in the...

6- If the auditor wants to verify that all the cash and investments shown in the financial statements have been recorded with their correct values ​​and according to the international accounting standards, then he will verify the?
A_ Presentation and disclosure
B_ Presence and occurrence.
C_ Rights and obligations.
D_ Evaluation and distribution.

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Answer #1

A Presentation and disclosure:

Presentation and disclosure assertion requires the contents of financial statements are to be disclosed and valued as per statutory frameworks and principles adopted

Presence and occurance assetion is used for audititng transactions to ensure such transaction has occured.

Rights and obligation assertion is used as a tool to ensure the organisation has the right or obligation over the assets and liabiities presented on the balance sheet

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