According to PCAOB Auditing Standard No

question 57

Multiple Choice

According to PCAOB Auditing Standard No. 2201 ( AS 2201) , the auditor should identify significant accounts and disclosures and their relevant assertions. Which of the following financial statement assertions is not explicitly identified in AS 2201?

• A)Completeness.
• B)Valuation or allocation.
• C)Accuracy.
• D)Existence or occurrence.
• E)All of these are assertions identified in AS 2201.

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Definitions:

Void

refers to something that is legally declared to be null and without effect, as if it never existed or happened.

Adult Child

A term used to describe adults who have not assumed traditional adult responsibilities or roles, often due to psychological or social factors.

Compartmentalization

A psychological process of dividing and categorizing thoughts, feelings, and behaviors into distinct sections to manage conflict or anxiety.

Parent

An individual who has a biological or legal responsibility for raising and caring for a child.