Some Substantive Procedures Can Only Be Performed at Year-End _______

question 76

Multiple Choice

Some substantive procedures can only be performed at year-end _______.

• A)due to management not allowing the auditors access beforehand
• B)because there have been no transactions occurring in these accounts during the year
• C)due to the nature of the assertion or the timing of the transactions
• D)once the internal audit function has completed its preliminary testing of the account

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Definitions:

Exchange Value

The value of a good or service determined by what it can be traded or exchanged for in the market, influenced by supply and demand dynamics.

Use Value

The practical utility or usefulness of a commodity or service to meet human needs.

Fetishism of Commodities

A concept in Marxist theory referring to the perception of the social relationships involved in production, not as relationships among people, but as economic relationships among the money and commodities exchanged in the market.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.