Audit Objectives and Financial Statement Accounts. Look at the financial statements of a major public company. Pick three accounts and discuss the financial statement assertions that might be associated with those accounts. For example, the financial statement assertions that might be associated with ‘Accrued Product Liability’ are valuation, existence, completeness, and presentation and disclosure. Valuation relates to product liability because a judgment (estimate)

must be made regarding the expected cost of defective products.