Which Are the Two Audit Assertions Considered Most Important to the Auditor

question 25

Multiple Choice

Which are the two audit assertions considered most important to the auditor concluding there are no material misstatements in trade receivables at year-end?

• A) valuation and allocation, and rights and obligations
• B) existence and occurrence
• C) occurrence and rights and obligations
• D) existence and valuation and allocation

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Definitions:

Internal Company Data

Information that originates within a company, including employee records, financial documents, and operational statistics.

Marketing Research

The process of gathering, analyzing, and interpreting information about a market, including information about potential customers and competitors.

Problem Definition

The process of identifying and outlining the specific challenges or issues that need to be addressed or resolved within a project or study.

Marketing Research Process

A systematic approach that involves identifying a problem, developing a research plan, collecting and analyzing data, and then interpreting that data to make informed marketing decisions.