During an audit of a company’s cash balance on a company with operations in only onecountry, the auditor is most concerned with which management assertion?a. Existence.b. Rights and obligations.c. Valuation or allocation.d. Occurrence

During an audit of a company’s cash balance on a company with operations in only onecountry, the auditor is most concerned with which management assertion?a. Existence.b. Rights and obligations.c. Valuation or allocation.d. Occurrence

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

During an audit of a company’s cash balance on a company with operations in only one
country, the auditor is most concerned with which management assertion?
a. Existence.
b. Rights and obligations.
c. Valuation or allocation.
d. Occurrence

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Answer
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