What at minimum must management assert regarding financial statements when audited?

Management's assertion that the financial statements are fairly presented is fundamental to the audit process. This assertion means that the financial statements accurately reflect the financial position, results of operations, and cash flows of the entity in accordance with the applicable financial reporting framework. Fair presentation involves ensuring that the information is complete, neutral, and free from material misstatement, thus enhancing the reliability of the financial statements for users.

This assertion is crucial because it establishes the foundation upon which auditors can conduct their evaluation and testing. Auditors rely on this assertion to assess risks, develop their audit strategies, and form their opinions on the financial statements. The efficacy of an audit hinges on this assertion, as it confirms that management accepts responsibility for the overall content and accuracy of the financial reports they present to stakeholders.

In contrast, the other options either do not capture the essence of what management must assert during an audit or imply a level of certainty (like guaranteeing accuracy) that is not realistic in most auditing contexts.