existence.
| C. | presentation. |
| D. | valuation. |
| E. | rights and obligations. |
| AACSB: Analytic AICPA: BB Legal AICPA: FN Research Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 01-03 Describe and define the assertions that management makes about the recognition; measurement; presentation; and disclosure of the financial statements and explain why auditors use them as the focal point of the audit. Source: AICPA Topic: Management's Financial Statement Assertions |
| 48. | The probability that the information circulated by a company will be false or misleading is referred to as
|
| AACSB: Analytic AICPA: BB Legal AICPA: FN Risk Analysis Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 01-01 Define information risk and explain how the financial statement auditing process helps to reduce this risk; thereby reducing the cost of capital for a company. Source: Original Topic: User Demand for Reliable Information |
| 49. | The Sarbanes-Oxley Act of 2002 requires that the key company officials certify the financial statements. Certification means that the company CEO and CFO must sign a statement indicating
|