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management assertions of financial statements

How can management assertions affect a company's financial statements?

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As we all know that it is the responsibility of the management to prepare the financial statements and to ensure that such statements are free from any errors, misstatements and are complete in all respects. By providing assertions, management asserts to the auditors that the financial statements and all its items are free from any material misstatements and are accurate, complete and valid.

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How can management assertions affect a company's financial statements?

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