Final answer:
The assertion related to the statement about recording all necessary transactions and events is 'completeness.' This assertion is used in financial auditing to ensure that no necessary records have been omitted from the financial statements.
Step-by-step explanation:
The assertion that relates to the following statement, "All transactions and events that should have been recorded have been recorded," is completeness. This assertion is one of several that are made within the scope of financial auditing. The assertion of completeness concerns itself with ensuring that all transactions and events that should have been recorded in the financial statements indeed have been. The assertions are part of the framework that auditors use to plan and perform an audit effectively.
Completeness is distinct from other assertions such as occurrence (which concerns whether the transactions and events that have been recorded actually took place), existence (which relates to whether the assets, liabilities, and equity interests included in the financial statements actually exist), and valuation (which focuses on whether the transactions have been recorded at their proper values).