Milushka Icaza, Who Was Representing Her CGA Firm at a Conference

question 36

Multiple Choice

Milushka Icaza, who was representing her CGA firm at a conference, made the following statement about assertions: When our auditors conduct substantive procedures, we search for evidence that recorded accounts exist and that all accounts that should have been recorded, indeed have been recorded. Which assertions was she talking about?

• A) rights and obligations and recording
• B) valuation and allocation and recording
• C) occurrence and completeness
• D) none of the above

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Definitions:

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives, often involving judgment, risk assessment, and evaluation.

Subjective Probability

A type of probability derived from an individual's personal judgment about whether a specific outcome is likely to occur, without reliance on objective data.

Hard Facts

Objective, concrete information that can be quantitatively measured or verifiably observed.

Specific Result

A particular outcome or effect that is aimed for or achieved in a given context.