Porter and Sly are assigned to perform the audit of Core Beliefs Yoga Company. During the audit, it was discovered that the amount of sales reported on Core Belief's income statement was understated because one week’s purchasing transactions were not recorded due to a computer glitch.

• Porter claims that this problem represents a violation of the management assertion regarding existence because there ported account balance was not real.

• Sly argues that the completeness assertion was violated because relevant data was omitted from the records.

Which auditor is correct? Explain. I know Sly is right, but why?

Answer rating: 100% (QA)

Sly is Right Explnation She is right because during the audit they found a mistake in inco... View the full answer