Which auditing assertion is most important for the fair presentation of financial statements?
The five general classes of assertions are:
Existence and occurrence
Rights and obligations
Presentation and disclosure
I would have to say that existence is the most important. In a broad view, existence of records to support management assertions that financial reporting is correct is required. It would not be possible to obtain evidence for completeness, valuation and rights/obligations without existence.
"EXISTENCE OR OCCURRENCE Assertions regarding existence or occurrence address whether assets and liabilities exist at a given date and whether recorded transactions occurred during a given period. For example, all items in the inventory account must physically exist and be ...
The solution lists the five auditing assertions and selects the one the author supports as the more important. The assertions are identified with various parts of the financial statement presentation followed by a conclusion about the choice together with and example.