Question: 7) When preparing financial statements, it is implied that the management are making assertions for each transaction class and account balance. What does it mean

7) When preparing financial statements, it is implied that the management are making assertions for each transaction class and account balance. What does it mean assertions providing examples (2 marks) and what areas would an auditor look at (there are six) to verify these assertions, providing brief explanation to each? (3 marks)

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