Which of the following represents an incorrect grouping of m

Which of the following represents an incorrect grouping of management assertions and specific audit objectives into three-aspects of information reflected in the financial statements? Transaction-Related Information Balance-related Information Presentation-related Information I. Occurrence II. III. Accuracy Existence Completeness Valuation and Allocation Classification Occurrence Completeness Accuracy and Allocation Classification and Understandability Completeness IV. Classification d. IV.

Solution

Option (d) is correct.

Explaination :

while we look at IV ,

Classification related to the transaction should be recorded and financials should be appropriately presented and closed but there is no relevance of classification in balance related information.