ACCT 3222 Exam 2 Key Terms with complete solutions |Latest 2024/2025

ACCT 3222 Exam 2 Key Terms with complete solutions. Assertion ️ Statement or representation, explicit or implicit, made by management regarding the recognition, measurement, presentation, and disclosure of items included in the financial statements and notes Relevant assertion ️ An assertion that has a reasonable possibility of containing a material misstatement or misstatements that would cause the financial statements to be materially misstated and, therefore, has a meaningful impact on whether the account is fairly stated Audit program ️ A listing of details of the audit procedures to be used when testing controls, conducting detailed substantive audit procedures, and completing the audit Audit evidence ️ Information gathered by the auditor that is used when forming an opinion on the fair presentation of a client's financial statements Sufficient ️ Refers to the quantity of audit evidence gathered Appropriate ️ Refers to the quality of audit evidence gathered Relevance ️ Refers to the logical connection with the assertion being tested Reliability ️ Refers to the source, form, or nature of the audit evidence Accounting records ️ Client's records of the initial accounting entry and supporting documents