International auditing standards and U.S. GAAP classify assertions into three categories. Which of the following is not a category of assertions that management makes about the accounting information in financial statements?
A) assertions about classes of transactions for the period under audit
B) assertions about account balances at period end
C) assertions about the quality of source documents used to prepare the financial statements
D) assertions about presentation and disclosure
C
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Project audits conducted early in the project or during its progress at a predetermined time are
A) in-process audits. B) post-project audits. C) periodic audits. D) pre-closure audits.
Conflict will MOST LIKELY occur between ________
A) the manufacturing and sales divisions when each recognizes the importance of the other B) the city library and the parks department when there is an ample amount of funding C) the employees when they have their salary determined by self-evaluations D) the local police and the FBI agents when they are working on the same case