Substantive Tests Must Be Designed to Tests Specific Audit Objectives

question 74

Multiple Choice

Substantive tests must be designed to tests specific audit objectives.
REQUIRED: For the following specific audit procedures, indicate the assertion that is being tested. Use the following letters, placing your response in the space provideD.
-Examine consignment agreements.

• A)Existence or occurrence
• B)Completeness
• C)Valuation or allocation
• D)Rights and obligations
• E)Presentation and disclosure

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Definitions:

Personal Trait

An enduring characteristic or quality of an individual that influences behavior and attitudes.

Productivity

The measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Intelligence

The ability to acquire and apply knowledge and skills.

Upward Appraisals

A feedback process where employees evaluate their supervisors or managers, aimed at improving managerial effectiveness.