Question

To test the _______ assertion auditor's count cash and inventory , confirm receivables and insurance policies with customers and other tests to whether managements assertions are correct.

Answer 1

In auditing, the assertions made by management about their financial statements need to be tested for accuracy through various procedures.

Step-by-step explanation:

In auditing, the assertions made by management about their financial statements need to be tested for accuracy. This includes counting cash and inventory, confirming receivables and insurance policies with customers, and conducting other tests to ensure that the assertions are correct. For example, an auditor may physically count the cash and compare it to the recorded amount in the financial statements to confirm its accuracy.