alleryStart learning →Whether assets belong to the entity and liabilities are its duties at a date is which assertion?
ARights and obligations
BCompleteness of items
CValuation of items
DOccurrence of items
Answer & Solution
Correct answer: A. Rights and obligations
Rights and obligations covers whether assets are the entity's rights and liabilities its obligations at a date.
Keep practising Risk Assessment and Internal Control
Browse all Risk Assessment and Internal Control questions for CA Final, or explore more Auditing topics.
Related questions
Which is correct about auditors and internal control?The COSO risk assessment component involves what?A payables system matches order, receipt and invoice before paying. Which objective?Maintaining documentation to substantiate transactions is which control activity?Why did the IASB decline a uniform numeric materiality threshold?Materiality is reassessed at the conclusion of the audit before the report is issued. WhatWhat is the purpose of setting performance materiality?Which expression gives audit risk in the audit risk model?