If the Auditor's Evidence Fails to Support an Assertion,the Auditor

question 70

True/False

If the auditor's evidence fails to support an assertion,the auditor then proposes an adjusting entry or modifies the financial statement disclosures so that the financial statements are consistent with the assertion.

---

Definitions:

Net Income

The amount of money left over after all expenses and taxes have been subtracted from total revenue.

Units

Units refer to the individual components or quantities of a product, investment, or other items that are counted or measured.

Month

A unit of time, roughly based on the period of the Moon's orbit around Earth, traditionally used to measure durations of approximately 30 days.

Break Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain.