Assertions used by the auditor to consider the different types of potential misstatements that may occur are only assertions about classes of transactions and events for the period under audit.Select one:TrueFalse

Assertions about classes of transactions and events for the period under audit least likely includeSelect one:a.Transactions and events that have been recorded have occurred and pertain to the entity.b.All assets, liabilities and equity interests that should have been recorded have been recorded.c.All transactions and events that should have been recorded have been recorded.d.Transactions and events have been recorded in the correct accounting period.

A given set of audit procedures may provide audit evidence that is relevant to certain assertions, but not others.Select one:TrueFalse

The risk that the assertion contains material misstatements that, when aggregated with misstatements in other assertions, could make the entire financial statements materially misstated is:Select one:a.Inherent riskb.Detection riskc.Individual audit riskd.Control risk

An audit requires an understanding of all the control activities related to each significant class of transactions, account balance, and disclosure in the financial statements or to every assertion relevant to them.Select one:TrueFalse

Plan administrators should consider the assertions included in theGenerally Accepted Auditing Standards (GAAS) when designingcontrols to address financial statement assertions inherent in the variouscomponents of the plan's financial statements.Select one:TrueFalse