According to PCAOB Auditing Standard No

question 45

Multiple Choice

According to PCAOB Auditing Standard No.5 (AS 5) ,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 5?

• A) Completeness
• B) Valuation or Allocation
• C) Accuracy
• D) Existence or Occurrence
• E) All of these are assertions identified in AS 5.

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Definitions:

Tax Revenue

The money collected by governments through the process of taxation.

Supply Curve

The supply curve is a graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Tax

An essential levy or different assessment exacted from taxpayers by a governmental institution, aimed at covering the costs of government activities and various public financial needs.

Job Enrichment

A method of motivating employees by adding more meaningful tasks and duties to their role to increase engagement and satisfaction.