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:

International Terror Attacks

Acts of violence carried out by individuals or groups that cross national boundaries to achieve their objectives.

Authority

The legitimatized power or right of an individual, entity, or institution to make decisions, command obedience, and enforce norms.

Legitimacy

The general perception or recognition by the public that an entity, organization, or system has a valid and rightful existence or authority.

Illiterate Populace

A group or population within society that is unable to read or write, impacting their ability to engage fully in social, economic, and cultural activities and processes.