Which assertion involves verifying that all reported items have been fully accounted for?

The assertion that involves verifying that all reported items have been fully accounted for is completeness. This assertion focuses on ensuring that all transactions and events that should be recorded in the financial statements have indeed been included. Completeness is crucial for providing a true and fair view of an organization’s financial position since it helps in preventing the omission of significant information that could mislead stakeholders.

In the context of an audit, the auditor seeks to confirm that no necessary information has been left out, ensuring that the financial statements represent all relevant data comprehensively. This is key in maintaining the integrity of the financial reporting process.

Other assertions like valuation deal with the accuracy of the amounts reported, existence assures that recorded items actually exist, and rights and obligations confirm that the entity has rights to its reported assets and obligations for its reported liabilities. However, these do not directly address the thorough assertion of accounting for every relevant item.