The Specific Audit Objective for the Audit of Investments, recorded

question 34

Multiple Choice

The specific audit objective for the audit of investments, recorded investment asset and equity balances represent investments that exist at the balance sheet date, relates to the:

• A) existence or occurrence assertion.
• B) completeness assertion.
• C) rights and obligations assertion.
• D) valuation or allocation assertion.
• E) presentation or disclosure assertion.

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Definitions:

Thirty Working Days

A time period consisting of six weeks of business days, excluding weekends and public holidays.

Breach of Contract

The failure to perform any term of a contract, agreement, or obligation without a legitimate legal excuse.

Unlicensed Professional

A professional practicing without the required legal authorization or license.

Breach of Contract

The failure to perform any term of a contract, agreement, or promise without a legitimate legal excuse.