IIA
IIA-CFSA · Question #142
The purpose of audits of financial statements is to issue an opinion on the fairness of the financial statements and to evaluate all of the following assertions (explicit or implicit) by management…
The correct answer is C. Rights and obligations assertions address whether the entity has legal rights to the assets and. See the full explanation below for the reasoning.
Question
The purpose of audits of financial statements is to issue an opinion on the fairness of the financial statements and to evaluate all of the following assertions (explicit or implicit) by management EXCEPT:
Options
- AExistence or occurrence assertions address whether available information addresses actual
- Bcompleteness assertions address whether all material financial information is included in
- CRights and obligations assertions address whether the entity has legal rights to the assets and
- DPresentation and disclosure assertions address whether the elements of the financial
How the community answered
(25 responses)- A8% (2)
- B12% (3)
- C76% (19)
- D4% (1)
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