Classification is an important assertion for expenses because: (a) There is often an incentive to overstate expenses.

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Classification is an important assertion for expenses because: 

(a) There is often an incentive to overstate expenses. 

(b) Some expenses are subject to specific disclosure requirements. 

(c) Vouching is a useful audit technique for expenses. 

(d) Auditing assets gives no evidence about certain expenses.

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Related Book For  answer-question

Auditing A Practical Approach

ISBN: 978-1118849415

2nd Canadian edition

Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren

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