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

question 17

Multiple Choice

Milushka Icaza, who was representing her CPA 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
• B) accuracy, valuation, and allocation
• C) occurrence and completeness
• D) none of the above

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Definitions:

Conversational Language

A casual and informal style of language used in communication, simulating a natural dialogue between people.

Goodwill

The intangible asset that arises as a result of the acquisition of one company by another for a premium value, representing the reputation, brand, or customer relations.

Equal Emphasis

Giving the same level of importance or attention to all elements or aspects of something.

Fairness

The quality of making judgments that are free from discrimination or dishonesty; impartiality.