4 points eBook An auditor must identify the relevant assertions about each significant financial statement account and disclosure and then gather evidence to conclude whether a material misstatement exists for each assertion. The nature of each financial statement account and disclosure contributes to the likelihood that a material misstatement exists. Required: a. For each of the following types of accounts, select whether it is more susceptible to understatement or overstatement errors. Accounts Assets Liabilities Revenues Print Expenses References b. Why do you think a company could permit asset accounts to be understated? c. Why do you think a company could permit liability accounts to be overstated?