Multiple Choice
Why will an auditor more extensively test controls for the completeness assertion on liability accounts than on asset accounts?
A) The risk of unrecorded liabilities is greater than the risk of unrecorded assets.
B) The completeness assertion is not applicable to asset accounts.
C) The liabilities account balances presented in the financial statements tend to be more complete than the asset accounts.
D) The most likely type of misstatement for liabilities is overstatements.
Correct Answer:
Verified
Correct Answer:
Verified
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